Ethereum (ETH) Price Analysis for May 13

Neither bears nor bulls are controlling the situation on the market, according to CoinMarketCap’s ranking.

Top coins by CoinMarketCap

ETH/USD

Ethereum (ETH) has followed the bounce back of Bitcoin (BTC), rising by 1.66%.

Image by TradingView

Despite the slight rise, the rate of Ethereum (ETH) is looking bearish on the local chart as the rate could not return to the resistance at $1,817. If the bar closes around the $1,800 zone, the fall may continue below the support, to the $1,780-$1,790 zone.

Image by TradingView

On the daily time frame, the rate of Ethereum (ETH) has bounced off the support at $1,762. Volume remains low, which means that buyers are not ready to seize the initiative yet.

If the bar cannot close above yesterday’s peak, there is a chance to see a further drop.

Image by TradingView

On the weekly chart, the situation is also more bearish than bullish. Despite the fall, there are no reversal signals yet, which means the drop may continue to the $1,600-$1,700 area next week.

Ethereum is trading at $1,799 at press time.

Source