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Ethereum Price Prediction: ETH/USD Appears Intraday Volatile; Trades Slightly Above $214

ETH Price Prediction – May 8

ETH/USD must break and close back above the $230 price mark, for further upside.

ETH/USD Market

Key Levels:

Resistance levels: $248, $253, $258

Support levels: $178, $173, $168

ETHUSD – Daily Chart

At the time of writing, ETH/USD is seen trading at $214 after recording an intraday high at $217.13 in the opening hour of today. Looking at the daily chart, Ethereum (ETH) has been trying to follow in the footsteps of the granddaddy of the digital market but its margin of gains has been limited this time around. ETH/USD is dancing at $214 after retreating from highs around $217.

Similarly, the highest value Ethereum has had within the last 10 days was $226.40 and today it touches the low of $206. ETH/USD can be expected to rise from $214 to $230 over the next one-week while the on-going trend may move a little bit higher in the coming week. The Ethereum price may cross above the channel to touch the nearest resistance at $240. Therefore, as the red-line of 9-day MA is still well above the green-line of 21-day MA, the coin may continue to do well and the price could hit the resistance levels at $248, $253, and $258 respectively.

Meanwhile, should the technical indicator decide to make a quick turn to the south, there may be a cross below the 9-day moving average and the bearish drop may likely roll the market down to the support levels of $178, $173, and $168 as the technical indicator RSI (14) moves around the 63.07-level.

When compared with Bitcoin, as the green-line of 21-day MA is above the red-line of 9-day MA, the market price focuses on the downtrend within the channel. ETH/BTC is currently trading at the 2145 SAT and if the market continues to drop, the next key supports may likely be at 1850 SAT and below.

ETHBTC – Daily Chart

On the upside, a possible bullish movement above the moving averages may likely come into play, when this is done, the resistance level of 2400 SAT and above could be visited. Meanwhile, the market may have a bullish day today because the RSI (14) indicator makes a quick turn above 30-level, which could give more bullish signals for a while.

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.