Momentum

Daily

<p>Ethereum&#8217;s price has been making corrections following the rally over the last few months. However, there are plenty of support levels that could hold the price in the short term.</p>
<h2 id="technical-analysis">Technical Analysis</h2>
<p>By: <a href="https://twitter.com/TradingRage" data-wpel-link="external" target="_blank">Edris</a></p>
<h3 id="the-daily-chart">The Daily Chart</h3>
<p>Looking at the daily timeframe, the price has been on the decline over a period of several weeks after failing to reach the $2200 resistance level. The 50-day moving average is currently holding the market around the $1900 level, with $1800 also providing support.</p>
<p>In case the price rebounds from this area, a rapid rise toward the $2200 level could be expected. On the other hand, a breakdown would result in a further correction towards the 200-day moving average, trending around the $1600 mark. The RSI continues to oscillate around the 50% threshold recently.</p>
<figure id="attachment_249452" aria-describedby="caption-attachment-249452" style="width: 2560px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/05/ETHUSDT-4H-May-4-2023-1-scaled.jpg" data-wpel-link="internal"><img class="size-full wp-image-249452" src="https://cryptopotato.com/wp-content/uploads/2023/05/ETHUSDT-4H-May-4-2023-1-scaled.jpg" alt="ETHUSDT 4H - May 4 2023" width="2560" height="1441" srcset="https://cryptopotato.com/wp-content/uploads/2023/05/ETHUSDT-4H-May-4-2023-1-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2023/05/ETHUSDT-4H-May-4-2023-1-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/05/ETHUSDT-4H-May-4-2023-1-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/05/ETHUSDT-4H-May-4-2023-1-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/05/ETHUSDT-4H-May-4-2023-1-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/05/ETHUSDT-4H-May-4-2023-1-2048x1153.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2023/05/ETHUSDT-4H-May-4-2023-1-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px" /></a><figcaption id="caption-attachment-249452" class="wp-caption-text">Source: TradingView</figcaption></figure>
<p>&nbsp;</p>
<h3 id="the-4-hour-chart">The 4-Hour Chart</h3>
<p>On the 4-hour chart, the price seems to be attempting to escape the range between the $1800 and $1900 levels. The $1900 resistance is currently being tested once more, and a bullish breakout would pave the way for a surge toward values above $2000.</p>
<p>However, another rejection could initiate a bearish move toward the $1800 support level and potentially even lower. The RSI indicator is trending above the 50% mark in this timeframe, indicating that the bulls are in control and a bullish breakout is more probable.</p>
<figure id="attachment_249458" aria-describedby="caption-attachment-249458" style="width: 2560px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/05/ETHUSDT-Daily-May-4-2023-1-scaled.jpg" data-wpel-link="internal"><img class="size-full wp-image-249458" src="https://cryptopotato.com/wp-content/uploads/2023/05/ETHUSDT-Daily-May-4-2023-1-scaled.jpg" alt="ETHUSDT Daily - May 4 2023" width="2560" height="1441" srcset="https://cryptopotato.com/wp-content/uploads/2023/05/ETHUSDT-Daily-May-4-2023-1-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2023/05/ETHUSDT-Daily-May-4-2023-1-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/05/ETHUSDT-Daily-May-4-2023-1-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/05/ETHUSDT-Daily-May-4-2023-1-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/05/ETHUSDT-Daily-May-4-2023-1-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/05/ETHUSDT-Daily-May-4-2023-1-2048x1153.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2023/05/ETHUSDT-Daily-May-4-2023-1-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px" /></a><figcaption id="caption-attachment-249458" class="wp-caption-text">Source: TradingView</figcaption></figure>
<p>The post <a href="https://cryptopotato.com/eth-finds-bullish-momentum-but-will-2k-finally-fall-ethereum-price-analysis/" rel="nofollow">ETH Finds Bullish Momentum But Will $2K Finally Fall? (Ethereum Price Analysis)</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.</p>

ETH Finds Bullish Momentum But Will $2K Finally Fall? (Ethereum Price Analysis)

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