May 16th Ethereum Price Analysis: Moving Up

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At $4,200, Ethereum retests resistance. The bulls struggled to break into $4000 on Saturday. Following several attempts, the price started to decline rapidly.

Two new lows were set on Saturday, at $3631 and $3663. The bulls quickly discarded the minimums, and the cryptocurrency is now in a new phase of development.

The ETH token is currently trading at $3,820 at the time of publication. This is an excellent performance. The fundamental goal now is to get it to $3840 or higher. This degree was a level of support for the cryptocurrency on Saturday, and it is now a level of opposition. The Bulls have attempted to cross this line twice before but have failed both times.

If the bulls can break above 3840-4000 dollars on Sunday, May 16, it will open up new possibilities. $4400 is the psychological resistance standard after that.

With the cryptocurrency’s powerful bullish instinct, it will likely increase in value over the next 24 hours. Will the bulls can gain a foothold in the new ATH field, or will the price of cryptocurrencies roll back lower and shape support near 4000?

ETH has been trading with average turnover for the last 24 hours (10 percent ).

The daily trade rate is down 5.45 percent from the previous day. The price cut was refused, as seen in the table. As a result, we have a positive outlook for the next 24 hours and the mid and long term.

On the Poloniex market, you can monitor the price of ETH and trade it in a variety of currency pairs.

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