Ethereum (ETH) Price Analysis for May 3

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

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ETH/USD

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

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.

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.

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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