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Ethereum (ETH) Price Analysis for May 5

source-logo  u.today 05 May 2023 15:15, UTC
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The cryptocurrency market is neither bullish nor bearish on the last working day of the week.

Top coins by CoinMarketCap

Top coins by CoinMarketCap

ETH/USD

Ethereum (ETH) is the biggest gainer today, risnig by almost 2%.

<span class=ETH/USD chart by TradingView" src="https://cnews24.ru/uploads/ff7/ff77409576635f2680e30a33429c6b21ea73eeb1.png" size="1811x887">

Image by TradingView

On the hourly chart, the rate of Ethereum (ETH) has broken the local resistance at $1,915. If buyers can hold the gained initiative, growth may continue to the $1,950-$2,000 zone tomorrow. In addition, the volume has increased, which is a bullish signal.

<span class=ETH/USD chart by TradingView" src="https://cnews24.ru/uploads/793/793325a3779e1c82e15a07c7a870fdf784482bdb.png" size="1811x887">

Image by TradingView

On the daily time frame, the rate of Ethereum (ETH) is in the middle of the channel; however, if today's candle closes with no long wicks, the upward move may continue to the zone around $1,960.

Such a scneario is relevant until the end of the week.

<span class=ETH/USD chart by TradingView" src="https://cnews24.ru/uploads/aab/aabf8a067bd2f223739df6e38e9aeab3c06177fd.png" size="1811x887">

Image by TradingView

On the bigger chart, one should pay attention to the important zone of $2,000. If the bar closes above it, the accumulated energy can be enough for further growth to the resistance at $2,130.

Ethereum is trading at $1,938 at press time.

u.today