Ethereum (ETH) at $ 3,000 in May? – TradingView News
The most important thing shortly:
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The ether course rose by 3 % to $ 2,550 on May 18 and triggered ETH-short sales of $ 22 million.
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A bull flag on the chart indicates a target of $ 3,700 and analysts predict that the Bitcoin course in May could rise to $ 5,000.
The price of ether ETHUSD rose on May 18 and rose by more than 2.5 % to $ 2,536 in the last 24 hours. This recovery encourages optimism that the ETH course in May could reach the 3,000 US $ 3,000 mark. The strong technical data also signal this.
Ether: $ 7.5 million shorts in an hour
Data from CoinTelegraph Markets Pro and BitsAmp show that ETH on May 18 rose by more than 4.5 % to an intraday high of $ 2,551 after reaching a low of $ 2,440 the day before.
In parallel to the current losses of ether, there were considerable liquidations on the entire cryptoma market. According to the data from Coinglass, more than $ 158 million in lit crypto positions have been liquidated in the last 24 hours, including $ 95 million in long positions.
Ether sales amounted to $ 22.25 million, with $ 7.5 million being destroyed within an hour alone.
This means that short dealers were surprised from the return of Ether to $ 2,500.
Further data from Coinglass showed that the sellers were interested in several areas above the spot course, with the purchase order worth over $ 384 million up to $ 3,000. This indicates that the current recovery at this level could have reached its climax.
Ether again on a recreational course?
Market analysts believe that the latest decline from Ether was a technical correction to test important levels of support again before continuing its upward trend towards $ 3,000 and beyond.
Titan of Crypto said that the weekly stochastics of 79 indicate that ETH “has even more petrol in the tank” in order to continue to rise.
#Ethereum might still have more gas in the tank ⛽️
The weekly Stochastic RSI suggests there’s still room before reaching extreme overbought territory, possibly a few more weeks to go. #ETH pic.twitter.com/atCm93napO
According to the analyst Chimp of the North, the downward trend from Ether could have found its low point at $ 2,400.
The analyst divided a chart that indicates that the old coin could continue its retracement to test the support of $ 2,400 again, and then start another rally up to $ 3,300.
The analyst crypto patel predicted a deeper decline for ether and said that the ETH course could possibly fall to $ 1,800, and only then rises again.
“This area is a zone with a high probability for a bullish re -entry when the course receives support,” the analyst wrote in a post from May 17 on X and he added:
“If the demand continues here, the next leg could take place towards 4,000 to $ 5,000.”
ETH could reach a new all-time high by $ 5,000, driven by the introduction of AI, traces of spot ETFs and the latest improvements from the pectra upgrade.
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Bull flag at Ether further intact
From a technical point of view, the ETH course is still above a bull flag pattern in the 4-hour time frame. This is a bullish setup that forms when the course has consolidated after a strong increase in the price within a tendency.
The bull flag was confirmed on May 13th when the course broke out over the upper trend line at $ 2,550. Ether is now testing the upper limit of the flag, which is currently $ 2,470 and serves as immediate support.
A day candle above this level could lead to ETH resuming its upward trend and approaching the technical goal of the bull flag at $ 3,720, which corresponds to an increase of 50 % compared to the current course.
Conversely, the RSI has fallen from 60 to 42 in the last 24 hours, which indicates that the current correction could continue if sales increase.
A final course on the daily chart below the support at $ 2,470 increases the likelihood of a decline in price to $ 2,400 and then to the lower end of the flag at $ 2,300.
This article does not represent investment advice or recommendation. Every investment and every trade goes hand in hand with a risk and you should research yourself before making a decision.
