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
- Ethereum and BMNR Rallies as BitMine Drops $1B on ETH, Analyst Hails “Most Bullish Setup Yet”
- ASTER Deposits Flows Into Binance Wallets Following CZ Endorsement, Listing Incoming?
- Avalanche Treasury Seals $675M Deal With Mountain Lake to Build $1B AVAX Vehicle
- Just In: Nasdaq-Listed VivoPower Raises $19M in Equity to Expand XRP Treasury Holdings
- Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
