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Ethereum Price Prediction for Today, May 20: ETH May Consolidate Above $2000 Level

Ethereum Price Prediction
Ethereum Price Prediction

The Ethereum price prediction is getting ready to trade above the resistance level of $2000 as the market moves sideways.

Ethereum Prediction Statistics Data:

  • Ethereum price now – $2048
  • Ethereum market cap – $245.0 billion
  • Ethereum circulating supply – 120.8 million
  • Ethereum total supply – 120.8 million
  • Ethereum Coinmarketcap ranking – #2

ETH/USD Market

Key Levels:

Resistance levels: $2600, $2800, $3000

Support levels: $1500, $1300, $1100

Ethereum Price Prediction
ETHUSD – Daily Chart

ETH/USD is currently ranging around $2048, and it is likely to climb above the 9-day moving average. Now, the Ethereum price has been moving sideways, as the coin is struggling to stay above the 9-day moving average. The Ethereum price is likely to remain at the downside as the red line of the 9-day moving average stays below the green line of the 21-day moving average.

Ethereum Price Prediction: Ethereum (ETH) May Keep Moving Sideways

According to the daily chart, if the Ethereum price crosses above the 9-day moving average; it could hit the nearest resistance level of $2200. However, a successful break above this level could open the doors for an additional increase to the $2500 level. In the meantime, any further bullish movement could push the coin to the potential resistance levels of $2600, $2800, and $3000.

Moreover, as the technical indicator Relative Strength Index (14) moves below the 40-level, the nearest support could be found at the $1800 level. If there is a bearish break below this support, ETH/USD could test another support before breaking the lower boundary of the channel. However, any further losses could lead the price towards the support levels of $1500, $1300, and $1100.

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When compared with Bitcoin, the Ethereum price is moving bullishly, and the coin hovers around 6742 SAT. Therefore, if the price crosses above the 9-day moving average, there is a possibility that additional resistance levels may be created in the long term. However, the next resistance level above the current price is close to the 6800 SAT. More so, if the price crosses below the lower of the channel, it could hit the critical support at 6200 SAT and below.

ETHBTC – Daily Chart

However, if, a bullish movement above the upper boundary of the channel may play out and the potential resistance level could be located at 7200 and above as the technical indicator Relative Strength index (14) moves above 40-level, which suggests an upward movement.

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