Ethereum (ETHUSD) Price Forecast: May 16
Ethereum price is on its way to the upside. The coin having decided to face the positive side might possibly reach a high of $2500.00 level and beyond if the buy traders should increase their forces in the market.
Key Levels:
Resistance Levels: $1800.00 $1900.00, $2000.00
Support Levels: $1400.00, $1300.00, $1200.00
ETH (USD) Long-term Trend: Bearish (Daily Chart)
Ethereum price is in a bearish market at the moment. Further, the coin is trading below the moving averages.
The price drop to the $1786.44 low value during yesterday’s session has made the coin price trade below the supply trend levels in its recent high.
Commitment from the bulls now retraced the price of ETHUSD from the mentioned support to the $1814.00 high mark below the two EMAs as the daily chart opens today. Therefore, if the bulls increase their tension in the market, the price tendency will move above the key supply levels.
There are more bullish runs to come as the market now points up at the oversold region of the daily signal, this suggests that the price of ETHUSD will still definitely rise further above the current supply level and this might hit the $2500.00 high value in the days ahead in the long-term outlook.
ETH (USD) Medium-term Trend: Bullish (4H Chart)
ETHUSD is showing a more bullish impact in its medium-term time frame. The bulls are having the market at their disposal at the moment.
The bulls’ pressure on the crypto in the past few hours has sustained its bullishness in its recent high.
Today, the bulls caused a rise to the $1814.00 high level above the EMA-9 to resume its uptrend. From the look of things, it seems it will keep growing.
Trading above the moving averages will enable the market value of Ethereum to keep pushing up. Thus, if the bulls should add more aggression to their activities in the market, the $2500.00 resistance level might be reached soon in its medium-term perspective.
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