ETH/USD Retests $3,361 Low as it Prepares to Move Higher

ETH Price Prediction – May 7

Ethereum surges from $3492 to $3537 within 24 hours but it may trade below $3500 in the coming week

ETH/USD Market

Key Levels:

Resistance levels: $4000, $4200, $4400

Support levels: $3000, $2800, $2600

At the moment, ETH/USD is facing a small price decline and it is currently trading at $3514. The cryptocurrency continues to be supported at the $3300 level but it seems that the bears are adamant to push the coin lower as it is losing around 1.20% within 24 hours.

What to Expect from Ethereum (ETH)

At the time of writing, ETH/USD is trending in red within the ascending channel, trading above the 9-day and 21-day moving averages. After the opening of the market, the daily price chart shows that ETH/USD fell from $3361.42, where it found short-term support and now bouncing above $3450, where it is currently trading.

Moreover, for a continuous backward movement, the market can be supported at $3400 and $3200 levels, if the price falls below the previous levels; other supports are located around $3000, $2800, and $2600. But should in case the price exceeds the indicated level by moving above the upper boundary of the channel, the resistance levels of $4000, $4200, and $4400 may be visited. In addition, the technical indicator RSI (14) remains within the overbought region, which may likely introduce bullish signals into the market.

Against Bitcoin, the market price remained in the ascending channel but the bears are trying to step back into the market. ETH/BTC is currently trading at 0.061 BTC and the bulls couldn’t push the price to cross the upper boundary of the channel. Looking at the daily chart, if the market continues to drop, the next key supports may likely be at 0.053 BTC and below.

However, on the upside, a possible bullish movement may likely push the market across the channel, when this is done, the resistance level of 0.070 BTC and above could be visited. Therefore the technical indicator RSI (14) nosedives within the overbought zone, which indicates that the market may continue to fall.