Ethereum Price Prediction – May 17
ETH/USD has been unable to see any relief following the massive influx of selling pressure that stopped it from seeing any further gains.
Resistance levels: $4000, $4200, $4400
Support levels: $2600, $2400, $2200
At the time of writing, ETH/USD is trading marginally at its current price of $3225.07. Meanwhile, this is the area in which Ethereum has been trading for the last few days. However, the Ethereum price trends in the short term are likely to be heavily reliant on BTC, as the benchmark crypto has had a firm grip on its smaller counterparts of late.
Ethereum Price Prediction: Will Ethereum Go up or Down?
ETH/USD has been able to establish the $3,100 region as a strong support zone. Every drop here has been faced with aggressive buying pressure. Therefore, if it sustains above this level, it could potentially start to navigate back to its resistance between the $3600 and $3800 levels.
On the other hand, if the buying pressure evaporates around $3,000, it could see Ethereum incur some heavy downwards momentum that could send it to the supports at $2600, $2,400, and $2,200.
In the meantime, it is important to note that the recent losses that the coin has suffered have fundamentally affected the structure of the cryptocurrency market at this juncture. As a result, Ethereum (ETH) in the short term could be positioned to see a significant downside effect.
Therefore, buyers should be on the lookout for $4,000, $4,200, and $4,400 as a target to watch – a strong bullish reaction at this level is vital for Ethereum to maintain its medium-term outlook, while the Relative Strength Index (14) is seen moving below 50-level.
ByBit launches ETH futures
In a sign of the growing strength of the Ethereum market, derivatives exchange ByBit has launched a brand new Ethereum futures product as interest in the second most valuable crypto network continues to build – and bitcoin dominance weaken by comparison.
“As the Bitcoin price continues to stagnate, traders and investors are increasingly looking towards alternatives,” said Ben Zhou, co-founder and CEO of Bybit. “We are pleased to launch our new Ether futures contract as rising retail and institutional demand paves way for a new alt season.
“Ether futures contract and Bybit Cloud Mining join our existing ETHUSD and ETHUSDT perpetual contracts in the ETH product lineup, and will create new opportunities for our clients, whether they are looking to hedge their positions or to further capitalize on future price movements of ETH.”
ETH/BTC cross sees EThereum weaken
Back with the markets, when paired against Bitcoin we can see that Ethereum is preparing to trade below the 9-day moving average.
Meanwhile, as the price falls, the sellers are posing an additional threat to buyers hoping to reach the support level of 0.074 BTC, where the nearest target is located. However, an eventual break below the 21-day moving average may cause Ethereum to collapse.
Meanwhile, the continuation of the downtrend could hit the main support at 0.065 BTC before falling to 0.063 BTC and below. More so, the buyers may need to keep the market price above the 9-day and 21-day moving averages as the potential resistance at 0.090 BTC and above could play out. The Relative Strength Index (14) is leaving the overbought zone, suggesting that more bearish signals may come into focus.