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Ethereum Price Prediction – After Touching $220, ETH/USD Makes a Quick Turn

ETH Price Prediction – May 3

Ethereum surges from $214 to $220 within 24 hours but it may trade above $230 in the coming week

ETH/USD Market

Key Levels:

Resistance levels: $250, $260, $270

Support levels: $175, $165 $155

ETHUSD – Daily Chart

ETH/USD saw a small price decline today and it is currently trading at $211.06. The cryptocurrency continues to be supported at the $200 level but it seems that the bears are adamant to push the coin lower. More so, Ethereum has lost over 1.49% within 24 hours.

In addition, ETH/USD keeps trending in red within the channel formation, trading above the 9-day and 21-day moving averages. Today, after the opening of the market, the daily price chart shows that ETH/USD also fell from $220.26 to $205.19, where it found short-term support and later bounced up to $211.06, where it is currently trading.

Moreover, for a backward movement, the market can be supported at $175 and $165 levels, if the price falls below the previous levels; another support is around $155. But should in case the price exceeds the indicated level by moving upward, then, the resistance levels of $250, $260 and $270 may be visited. The RSI (14) nosedives below 70-level, which may likely give some bearish signals.

When compares with Bitcoin, the Ethereum price started moving downward as the price broke down after touching the 2441 SAT a couple of days ago. The price started falling and the RSI (14) indicator nosedives below 45-level, which might be considered as more bearish signs for the market.

ETHBTC – Daily Chart

Moreover, the market may continue to decline if the sellers put more pressure on the buyers, the price could come down to the support levels of 2100 SAT and below. Therefore, if there is a rebound, the Ethereum price may likely go up to hit the resistance level of 2600 SAT and above.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.