Ethereum (ETH) Price Prediction for May 5

The market is mainly bearish today; however, there are some exceptions to the rule, according to CoinStats.

ETH/USD

The price of Ethereum (ETH) has dropped by 1.53% since yesterday.

On the hourly chart, the rate of ETH is neither bullish nor bearish. The price is in the middle of the narrow channel, between the support of $1,781 and the resistance of $1,829.

If the situation does not change by tomorrow, there are low chances of seeing sharp moves soon.

On the bigger time frame, the picture is similar. The volume remains low, which means none of the sides is dominating. In this case, consolidation in the zone around $1,800 is the most likely scenario within the next few days.

From the midterm point of view, one should focus on the weekly bar’s closure in terms of the $1,857 level. If it happens near it, traders may witness a price blast to the $2,000 mark.

Ethereum is trading at $1,807 at press time.

Source