Ethereum
Ethereum (ETH) Price Prediction for May 16
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A further decline in the market could be postponed, according to CoinMarketCap.
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ETH/USD
The price of Ethereum (ETH) has increased by 0.83% since yesterday.
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Despite the current growth, the ETH rate appears bearish on the hourly chart. If the daily bar closes below the local support level of $2,973, the bears could regain the initiative again, which could lead to a decline towards the $2,900 zone.
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The bulls were unable to continue their rise after yesterday’s bullish close. If the situation does not change by the end of the day, there is a chance to see a test of the $2,852 support until the end of the week.
Image of Trading View
From a medium-term perspective, neither side dominates, as the price is far from the main levels.
However, if buyers lose the $2,900 area, the accumulated energy could be enough for a breakout, followed by a move towards the $2,600-$2,700 range.
Ethereum is trading at $2,957 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.