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Ethereum (ETH) Price Analysis for May 3

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Wed, 3/05/2023 - 16:15
Ethereum (ETH) Price Analysis for May 3
Cover image via www.tradingview.com

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The bounce back has not lasted a long time as most of the coins have returned to the red zone.

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Top coins by CoinMarketCap

Top coins by CoinMarketCap

ETH/USD

The rate of Ethereum (ETH) has declined by 0.13% over the last 24 hours.

ETH/USD chart by TradingView

Image by TradingView

On the hourly chart, the rate of Ethereum (ETH) is getting back to the recently formed support level at $1,847. The selling volume is rising, which confirms bears' power. If the situation does not change until the end of the day, the breakout may lead to the test of $1,835 shortly.

ETH/USD chart by TradingView

Image by TradingView

On the daily chart, today's drop has not affected the technical position of Ethereum (ETH). As neither buyers nor sellers have seized the initiative yet, ongoing sideways trading in the range of $1,825-$1,875 remains the more likely scenario.

ETH/USD chart by TradingView

Image by TradingView

A similar picture can be seen on the weekly time frame as the rate is far from key levels. However, if the candle closes below the $1,900 mark, there is a high possibility of seeing a drop to the support at $1,715 until mid-May.

Ethereum is trading at $1,853 at press time.

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