Ethereum Price Prediction for Today May 23: ETH Targets $2100 as Price Sets to Rebound

The Ethereum price prediction shows that ETH is attempting to break above $2000 for the coin to create additional gains.

Ethereum Prediction Statistics Data:

• Ethereum price now – $2053
• Ethereum market cap – $249.2 billion
• Ethereum circulating supply – 120.8 million
• Ethereum total supply – 120.8 million
• Ethereum Coinmarketcap ranking – #2

ETH/USD Market

Key Levels:

Resistance levels: $2500, $2700, $2900

Support levels: $1500, $1300, $1100

ETH/USD is trading at $2053 where a bearish momentum is building. Still, the technical indicator Relative Strength Index (14) shows that the bearish movement may be coming close as the signal line is moving below the 40-level. However, the 9-day and 21-day moving averages indicate that bears still have the ability to control the market as the 9-day moving average remains below the 21-day moving average.

Ethereum Price Prediction: Ethereum (ETH) May Consolidate Above $2100

As the Ethereum price hovers below the 9-day and 21-day moving averages within the channel, the coin is likely to embark on a movement towards the upside or begin a sideways movement above the 9-day MA. However, a sustainable move from the current level at $2053 may improve the bullish movement and allow for an extended recovery towards the resistance level of $2200. However, if the coin stays above this level, it could negate the bearish scenario and bring the nearest resistance of $2500, $2700, and $2900 levels into play.

Nonetheless, the Relative Strength Index (14) may remain below 40-level, but any further bearish movement into the oversold region could worsen the technical picture and lay the ground for the further sell-off below the lower boundary of the channel which could locate the supports at $1500, $1300, and $1100 respectively.

Against Bitcoin, Ethereum (ETH) is trading above the 9-day moving average as the bulls are resuming back into the market. On the other hand, if the market drops below the lower boundary of the channel, the next key support may come at 6300 SAT and below.

However, on the upside, if the coin crosses above the 21-day moving average, the resistance level of 7300 SAT and above may be visited. Meanwhile, the technical indicator Relative Strength Index (14) is likely to cross above the 40-level, suggesting that the market may begin to go up.

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Read more:

• How to buy Ethereum
• How to buy Cryptocurrency