Ethereum (ETHUSD) Price to Continue Its Bullish Rally

Ethereum (ETHUSD) Price Forecast: May 24

ETHUSD’s price targets a bullish breakout as it continues its bullish rally with strong resistance at $2,692.99. Hence, the coin price will most likely continue its bullish rally and could still go higher. Therefore, if the price could shift above the $2,692.99 current level and target the next resistance at $2,855.23, Ethereum will be on the path to breaking out and creating a fresh all-time high of $3,438.96 level, resulting in a good buy for the coin traders.

Key Levels:
Resistance Levels: $2,400.00 $2,500.00, $2,600.00
Support Levels: $1,400.00, $1,300.00, $1,200.00

ETH (USD) Long-term Trend: Bullish (Daily Chart)

On the daily chart, Ethereum’s price may continue its bullish rally as it faces high buying pressure and remains in an uptrend, resulting in a 5.46% increase in the market value.

The prices are above the moving averages and have confirmed a bullish momentum, breaking the previous high of $2,600.60.

The coin’s bullish action in the past 24 hours has enabled the price to maintain an uptrend.

The coin trading above the moving averages at the $2,692.991 resistance level above the EMA-50 suggests a more bullish impact in the market. Ethereum is trading in a “Rising Channel”, making higher highs and higher lows, showing signs of bullishness. This will enable buyers to influence the price tendency for further gains.

In addition, the price might continue its upward move as shown by the price indicator. If the price of ETHUSD breaks above the $2,739.05 supply value, then we can expect a price to test its previous swing high at $2,855.23 and even break above that level to hit the $3,438.96 upper resistance level soon in its long-term outlook.

ETH (USD) Medium-term Trend: Bullish (4H Chart)

On the medium-term outlook, the ETHUSD pair is on an upward trajectory. The cryptocurrency has broken above the moving average, indicating an uptrend and a possible rise of the pair. The crypto is currently above the level of $2,615.27.
At the time of writing, the bulls increased their pressure and moved the market price of Ethereum up to a $2,677.02 high level as the 4-hourly chart opens today.

This will allow the coin buyers to continue the bullish rally and target the $2,739.05 prior resistance, resulting in a good entry point for interested traders.

In addition, the daily stochastic indicates an upward trend, implying that the buy investors may likely continue with the bull run. Hence, the target might be the $3,438.96 resistance level sooner in its medium-term outlook.

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