Ethereum Price Prediction: $2500 Fallout May Tumble ETH Price By 8%

A bearish reversal from the new descending trendline on May 4 indicates that the traders continue selling on minor pullbacks. The ongoing correction had recently breached the $2800 support and challenged the lower support level of $2500. Thus, if coin holders lose this support, the Ethereum(ETH) price may plunge to January bottom support of $2300
Key points:
- The ETH traders are responding to the descending trendline
- The straight four days freefall in Ether registers a 13.75% fall
- The intraday trading volume in Ether is $19.4 Billion, indicating a 37% hike.
Source- Tradingview
Facing a bearish attack in the early days of April, the (Ethereum)ETH prices took a turnaround from the $3500 mark with an evening star pattern. Therefore, the bearish trend has decreased the market value of the Ether price by 28% in the last month.
The deflation breaks below the $3000 mark and approaches the next psychological support of $2500. Furthermore, the increasing trend momentum evident by the rise in trading volume over the week, bolster the $2500 fallout.
Anyhow, the short-term correction continues under the influence of a resistance trendline, and the solid demand at $2500 holds a high possibility of a bullish reversal to the trendline.
If buyers fail to control the selling pressure, a downfall below the $2500 support zone will dump the ETH price to the next horizontal level at $2300.
Under ideal bullish conditions, the reversal rally will hit the resistance trendline after surpassing the $2750 mark.
Technical Indicator
The fast-moving downtrend is facing constant resistance from the 20 DMA. Moreover, the recent bearish crossover of the 20 and 100 may promote a $2500 fallout.
The expanding gap between the MACD and signal lines accentuates aggressive selling from the traders.
However, despite a steady downfall in price action, the daily-RSI following a sideways path indicates weakness in the bearish momentum. This bullish divergence hints at a reversal possibility in upcoming sessions.
- Resistance levels: $2730 and $3000
- Support levels: $2500 and $2300
- US President Promises Deal With China on Everything As ‘Trump Insider’ Begins To Close Bitcoin Shorts- Is A BTC Recovery Ahead?
- Just-In: Changpeng “CZ” Zhao Counters Peter Schiff, Says “Tokenizing Gold Is Not On-Chain Gold”
- $240 Million Hacked Crypto Exchange WazirX Reopens Deposits But Faces Community Backlash
- Expert Flags Pi Network Team as Source of Selling Pressure After Reported 1.2M PI Dump
- Ripple’s Chris Larsen Expands XRP Realized Profit to $764M Amid Evernorth Deal
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing