Ethereum
Ethereum (ETH) Price Prediction for May 12
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Most parts are poised to close in the bullish zone on the last day of the week, according to CoinMarketCap.
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ETH/USD
The Ethereum (ETH) rate has increased by 0.75% since yesterday. Over the past week, the price has fallen by 6.85%.
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On the hourly chart, the price of the leading altcoin returns to the recently formed local resistance of $2,942. If buyers manage to maintain the initiative gained, there is a possibility of a breakout followed by a move towards the $2,970 zone.
Image of Trading View
A less positive situation appears on the daily chart. Even if the candle closes around current prices, the accumulated energy is not enough for further rise.
In this case, a consolidation in the $2,900-$2,950 area is the most likely scenario for the next few days.
Image of Trading View
From a medium-term perspective, the weekly bar is approaching the $2,850 support level. If seller pressure persists, we can expect a test of the $2,600-$2,700 range by the end of the month.
Ethereum is trading at $2,932 at press time.
About the Author
Denys Serhiichuk
With over 5 years of experience in trading, Denys has in-depth knowledge of technical and fundamental market analysis. He mainly started his blog on TradingView, where he posts all the relevant information and makes predictions about major coins.
Thus, his experience is enhanced by his work in leading blockchain-related companies such as W12, Platinum Listing, ATB Coin and others, which can be contacted at denys.serhiichuk@u.today.