Ethereum (ETH) Price Analysis for May 10

After a few days of dropping, the cryptocurrency market has faced a slight bounce back, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap

ETH/USD

The rate of Ethereum (ETH) has risen by 1.88% over the last 24 hours.

Image by TradingView

On the hourly chart, the price of Ethereum (ETH) has broken the local resistance at $1,859. If bulls can hold the rate above that mark until the end of the day, growth may continue to the $1,900 zone tomorrow.

Image by TradingView

Meanwhile, on the daily time frame, the situation remains unclear as the price is located far from key levels. Thus, the falling volume confirms the absence of buyers’ power. In this case, ongoing sideways trading in the area of $1,800-$1,900 is the more likely scenario for the next few days.

Image by TradingView

A similar situation can be seen on the daily time frame against Bitcoin (BTC). The rate is located in the middle of a wide channel, which means that none of the sides is ready to seize the initiative. Respectively, traders are likely to see consolidation in the range of 0.065-0.069 shortly.

Ethereum is trading at $1,872 at press time.

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