Ethereum

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
The market is mainly trading sideways as the rates of some coins are rising, while others are falling, according to <a href="https://u.today/toncoin-ton-price-prediction-for-may-23" rel="noopener noreferrer nofollow">CoinStats</a>. <img data-entity-type="file" data-entity-uuid="f5707a8c-fceb-489c-b72f-54b5ac0bc4f7" src="https://u.today/sites/default/files/inline-images/top10_1135.png">ETH chart by&nbsp;<a href="https://coinstats.app/coins/" rel="noopener noreferrer nofollow">CoinStats</a>
<h2 class="text-align-justify" id="eth-usd">ETH/USD</h2>
The price of Ethereum (ETH) has dropped by almost 2% over the last day. <img data-entity-type="file" data-entity-uuid="418b6ac7-2d5c-4f38-b406-46550ca4b70d" src="https://u.today/sites/default/files/inline-images/eth1_120.png">Image by&nbsp;<a href="https://www.tradingview.com/symbols/ETHUSDT" rel="noopener noreferrer nofollow">TradingView</a>
On the hourly chart, the rate of ETH is rising after a false breakout of the local support level of $3,651. If buyers can hold the gained initiative, growth may continue to $3,800 by tomorrow. <img data-entity-type="file" data-entity-uuid="ba0b1a88-6f88-45e5-ad5f-567c5ddce35b" src="https://u.today/sites/default/files/inline-images/eth2_126.png">Image by&nbsp;<a href="https://www.tradingview.com/symbols/ETHUSDT" rel="noopener noreferrer nofollow">TradingView</a>
A less clear situation can be seen on the daily time frame. The price of the main altcoin is trading within yesterday's bar, which means neither bulls nor bears are dominating at the moment.&nbsp;
In this case, ongoing sideways trading in the range of $3,600-$3,800 is the more likely scenario until the end of the week. <img data-entity-type="file" data-entity-uuid="a4f11cad-28d0-4c17-a3c5-9447e5740ca3" src="https://u.today/sites/default/files/inline-images/eth3_115.png">Image by&nbsp;<a href="https://www.tradingview.com/symbols/ETHUSDT" rel="noopener noreferrer nofollow">TradingView</a>
On the weekly chart, one should focus on the candle closure in terms of the resistance of $3,993. If it happens near that and with no long wick, the energy might be enough for a breakout, followed by a move to the vital zone of $4,000.
Ethereum is trading at $3,721 at press time.

Ethereum (ETH) Price Prediction for May 24

Table of Contents

U_Today

Other articles published on May 24, 2024

MultiversX’s Performance And Features Become Bitcoin And Ethereum Compatible With Sovereign Chain...

Sushi Announces GoPlus Security Partnership To Protect Users From Honeypot And Scam Tokens

Bearish Sentiments Intensifies In Crypto Market As Bitcoin Price Fails To Hold Its Important Supp...

Solana (SOL) Open Interest Data Paints Bullish Picture

Gate.HK ceases operations and withdraws license application in Hong Kong

War of the Best Presale in 2024 – MoonBag Outshining Slothana and Dogeverse for Meme Coin Supremacy

Join our free newsletter for daily crypto updates!