Ethereum Price Prediction: Will ETH Price Break $2000 In May?

Ethereum Price Prediction: The Ethereum coin continues to struggle with market uncertainty and prolongs its sideways trend in a narrow range. With no clear sense of direction, it is hard to determine the current dominating force in the market which may reflect a potential trend of the future. However, a close look at the lower time frame, the altcoin price hints at the formation of an ascending triangle pattern. Here’s how trade may use this setup to grab an entry opportunity in ETH.

Key Points:

• A bullish breakout from the $1838 resistance will intensify the buying pressure in the market.
• A long-coming support trendline keeps the long-term trend in Ethereum bullish
• The intraday trading volume in Ether is $3.3 Billion, indicating a 16% loss.

Source- Tradingview

By press time, the Ethereum price trades at $1810 and continues to show indecisive price movement in the daily chart. However, despite broader market choppiness, the ETH price response to the rising trendline and horizontal resistance of $1838 projects the ascending triangle formation.

The most common outlook for this pattern is a bullish breakout from the horizontal neckline resistance. This potential breakout may raise the price by around 3% to immediately challenge the resistance trendline of the wedge pattern.

Also Read: Best Cryptos Private Sale For 2023

This chart pattern governs the ongoing correction in Ethereum price, and therefore, its completion is crucial for buyers to kickstart a new recovery rally. The potential recovery could push the ETH price to the last swing high.

Conversely, a breakdown below the triangle support will extend the retracement phase for a few more trading days.

Technical Indicator

Moving Average Convergence Divergence: A potential bullish crossover between the MACD(blue) and the signal(orange) line would encourage buyers to challenge the resistance trendline

Bollinger Band: The lower band of the BB indicator still extending downward indicates the selling momentum is still active

Will Ethereum Price revisit $2000 before May End?

For Ethereum’s price to hit $2000, it needs a 10% growth in the remaining 10 days of May. While this price jump is achievable for the given time, the ongoing uncertainty in the market has reduced those chances considerably. Therefore, the coin holders must wait for a significant signal like a wedge pattern breakout before expecting the $2000 target.

Source