Ethereum Token Price Analysis: ETH Boosts 75% In May, Might Lead To $5000
- ETH token price boosts more than 75% within two weeks to touch the $4000 heights.
- The coin price is trading above all major EMAs with great trend momentum in the daily timeframe.
- The ETH/BTC pair is trading at 0.0672, with an intraday up move of 11.06%.
ETH token price, in the monthly time frame, has managed to make a new higher high, almost every month, since the start of 2021. The coin price is moving up with higher highs, increasing the possibility of a new all-time high-level formation, in the weekly timeframe, as well. The decent buying volume with long green candlesticks does imply that bulls are more powerful, in the larger weekly picture. The live Ethereum price today is $3,911.89 with a 24-hour trading volume of $53,973,562,613. ETH is up 9.76% in the last 24 hours. The current coin ranking is #2 as per the market cap, with a live market cap of $452,998,342,419.
Pivot points indicate a Highway to $5000
ETH token price has been trending higher by making new highs and trading above the major 50 EMA. Along with the bullish pattern, the coin price has touched the heights of $4000. A decent volume range, but declining accompanies the coin price indicating that the uptrend is growing weak, and a pullback is inevitable. As per the pivot points monthly, the resistance level for ETH is at $4500 and $5000, whereas on the opposite side, the levels of $3650 and $3500 are the immediate support level. Coin price has started a new uptrend, as shown in the chart, which might intrigue investors to enter long in ETH.
As per the daily timeframe, the coin price is trading above major 50(yellow) and 200(white) EMA. The upward rising slope of the 50 EMA has provided constant support to the coin price and helped the uptrend continue.
The RSI ( slightly bullish) indicates slightly bullish momentum while trading at 80. The RSI line is spiked and is now heading deeper into the overbought zone, bearishness can be expected from RSI as it is soon expected to reverse.
The ADX indicates a boost in trend momentum after the recent breakout, and it is trading at 22 while the slope in ADX is ready to move even higher.
Conclusion – ETH token price did perform a breakout but is expected to rise even higher with the help of the start of the new uptrend. Investors may find this as a great opportunity to enter long as the coin price is suspected to hit the $5000 mark. The breach of the newly formed uptrend trendline might fail the uptrend.
Support- $3650 and $3500
Resistance-$4500 and $5000
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