Ethereum Price Prediction – May 24
The Ethereum price is trying to create a new upward movement while the sellers keep frustrating the movement.
ETH/USD Market
Key Levels:
Resistance levels: $3000, $3200, $3400
Support levels: $1500, $1300, $1100
ETH/USD is currently recovering above $2400 and it is likely to climb above $2500 soon. The Ethereum price has remained relatively low for the past few days as bears are dominating the market. Meanwhile, the yearly high remains at $4384 with the yearly low located at $717.
Ethereum Price Prediction: Where is ETH Price Going Next?
As revealed by the daily chart, the Ethereum price may be creating a new uptrend as it is likely for the coin to hit the resistance level of $2500 if the upward movement played out. Meanwhile, ETH/USD remains in a bullish position despite being predictably rejected from the resistance level of $2475. However, if the world’s second-largest coin moves to trade above the 9-day MA in the short term, it could present more of a chance of bullish movement; although a break below the lower boundary of the channel may signal a new bearish phase in the market.
Meanwhile, as long as the 9-day moving average remains below the 21-day moving average, ETH/USD may continue to consolidate at lower levels. Therefore, if traders could see a tremendous climb above the 9-day MA which is fast approaching; it may likely reach the resistance at $3000, $3200, and $3400 levels. In other words, dropping below the lower boundary of the channel may hit the critical support levels of $1500, $1300, and $1100 respectively while the technical indicator Relative Strength Index (14) moves above 40-level.
Against Bitcoin, Ethereum is following a bullish sentiment and about to break above the 9-day and 21-day moving averages. The coin is currently suffering from a strong buying power as the bulls are trying to gain momentum. Meanwhile, the sellers may continue to release huge pressure on the market. For now, Ethereum is trading around 0.067 BTC which is very close to the 9-day and 21-day MAs.
Currently, the technical indicator RSI (14) is moving above the 50-level, and should the bulls manage to find resistance at this level, an upward movement could push the price to the 0.070 BTC and potentially 0.080 BTC resistance levels. But, a push below the lower boundary of the channel could lead the market price to the support of 0.051 BTC and below.
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