Market Analysis

ETHEREUM PRICE ANALYSIS & PREDICTION (May 6) – ETH Bears In Disbelief Amid Recovery As It Revisits $3,200 Range With Rejection, What’s Next?

After dipping below $3k last month, Ethereum found support and climbed back significantly. While the bears are still in disbelief, it continued to show signs of strength but the price is still down 3% on a weekly scale.

Last Wednesday, Ethereum traded as low as $2,817 following weeks of crackdown. It ended that day with a bullish pin bar candle and remained calm before surging through the key $3k level to where it’s floating at around $3,100. 

The bears were caught unaware of that move as the prices continued to increase daily. Conversely, they are trying to defend the $3300 level well to remain in control. But things may be too late for them if that level eventually flips in the next few days. 

However, there’s still hope for the bears if the market continues to maintain the daily lower low and lower high pattern, which is still much intact from a technical perspective. Interestingly, the bears have intercepted the latest buy actions at exactly $3,222. 

If they take control again, Ethereum may resume bearish and swing lower to $2,700 – bringing more conviction for selling in the short term. Such a setup looks realistic as the latest bullish actions might come to an end due to the latest price rejection. 

Right now, the bulls appear weak on the daily chart and for this reason, buying pressure may suspend for the meantime until they regroup back stronger.

ETH’s Key Level To Watch

Source: Tradingview

While the bulls had a stopover at $3,222 today, the next resistance to keep in mind would be $3,357, where a two-month descending trendline lies. The resistance to watch above this trendline is $3,450 and $3,723. 

In case of a pullback, the level to watch for support is $3,023. Below it lies the monthly $2,817 low. An extension from there could send the price lower to $2,712.

Key Resistance Levels: $3,222, $3,357, $3,450

Key Support Levels: $3,023, $2,817, $2,712

  • Spot Price: $3,104
  • Trend: Bullish
  • Volatility: Low

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: volodymyrshtun89/123RF // Image Effects by Colorcinch

Leave a Comment

Your email address will not be published. Required fields are marked *