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Ethereum Price Analysis — May 16
While its hashrate has performed exceptionally over the past weeks, Ethereum’s price has only suffered the opposite, as ETH continues to drag its feet under $2,100.
The second-largest cryptocurrency managed to muster some bullish momentum over the past three days, but this bullish effort came to naught today after it dipped below the psychological $2,000 mark.
With the persisting bearish cloud hovering over the broader market, ETH could maintain this bearish/sideways momentum in the coming days and weeks until a bullish development emerges in the fundamental space.
Meanwhile, my resistance levels are $2,100, $2,200, and $2,300, and my support levels are $1,900, $1,800, and $1,700.
Total Market Capitalization: $1.27 trillion
Ethereum Market Capitalization: $243.1 billion
Ethereum Dominance: 19.1%
Market Rank: #2
The second-largest cryptocurrency managed to muster some bullish momentum over the past three days, but this bullish effort came to naught today after it dipped below the psychological $2,000 mark.
With the persisting bearish cloud hovering over the broader market, ETH could maintain this bearish/sideways momentum in the coming days and weeks until a bullish development emerges in the fundamental space.
Meanwhile, my resistance levels are $2,100, $2,200, and $2,300, and my support levels are $1,900, $1,800, and $1,700.
Total Market Capitalization: $1.27 trillion
Ethereum Market Capitalization: $243.1 billion
Ethereum Dominance: 19.1%
Market Rank: #2
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