Ethereum Price Prediction – May 13
The Ethereum price is approaching a crucial level of support as the coin must have the support of $3700 to rise to $4000.
ETH/USD Market
Key Levels:
Resistance levels: $4500, $4700, $4900
Support levels: $3000, $2800, $2600
At the moment, ETH/USD is hovering at $3687 following a 3.65% loss after touching the daily high at $4055. However, the market is in the red, with most cryptos having succumbed to downward pressure at the time of writing. Bitcoin (BTC), for example, is inching closer to $45,000 support after failing to hold above $52,000.
Ethereum Price Prediction: Where is Ethereum Price Going Next?
As the Ethereum price drops below the 9-day MA, the immediate upside is limited by the 9-day moving average currently at $3687. Marginally below this, the daily low at $3530 may continue to give the buyers sleepless nights. However, a break below the support level of $3500 could most likely give ETH/USD a fall below $3200 before reaching the critical supports at $3000, $2800, and $2600.
Furthermore, the Relative Strength Index (14) confirms the bearish movement as the signal line slumps below the 65-level. However, until the market finds a stable level to reinforce the uptrend, ETH/USD can continue the downtrend. Otherwise, the resistance level might be at $400 while other resistance levels are at $4500, $4700, and $4900 respectively.
When compares with Bitcoin, as the red-line of the 9-day MA remains above the green-line of the 21-day MA, this simply means that the Litecoin price may focus on the uptrend within the channel. More so, ETH/BTC is currently trading at the 7519 SAT and if the market price breaks above the upper boundary of the channel, the next key resistance may be at 8700 SAT and above.
On the downside, a possible bearish movement below the channel may likely come into play if the coin continues to fall as the daily chart reveals, once this is done, the support level of 6500 SAT and below could be visited. Meanwhile, the market may continue to have a bearish day today because the Relative Strength Index (14) nosedives below 85-level within the overbought region, suggesting more bearish signals.
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