Ethereum (ETH) Price Prediction for May 24

The market is mainly trading sideways as the rates of some coins are rising, while others are falling, according to CoinStats.

ETH/USD

The price of Ethereum (ETH) has dropped by almost 2% over the last day.

On the hourly chart, the rate of ETH is rising after a false breakout of the local support level of $3,651. If buyers can hold the gained initiative, growth may continue to $3,800 by tomorrow.

A less clear situation can be seen on the daily time frame. The price of the main altcoin is trading within yesterday’s bar, which means neither bulls nor bears are dominating at the moment. 

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In this case, ongoing sideways trading in the range of $3,600-$3,800 is the more likely scenario until the end of the week.

On the weekly chart, one should focus on the candle closure in terms of the resistance of $3,993. If it happens near that and with no long wick, the energy might be enough for a breakout, followed by a move to the vital zone of $4,000.

Ethereum is trading at $3,721 at press time.