Ethereum Price Analysis for May 13: Bearish Forecast
Ethereum today broke the $4300 ceiling. A new ATH has been installed. Can I wait for a correction?
Today, May 12, was not bad for ETH. Cryptocurrency has crossed the threshold of $4300. This is an important point of resistance. The next one is at $4400.
At the time of writing, ETH is trading at $4061 (CoinMarketCap data). At the time of the price correction, support for $4,000 worked. That's not bad, but on May 13 we have a bearish forecast.
After reaching another high recently, Ethereum has a small pullback of 5-10% of the value. Therefore, we expect to trade in the channel 4050-4250 dollars. You can retest the support level at $4000.
Cryptocurrency demonstrates moderate volatility. Despite a slight decrease in capitalization (less than a percent), the volume of trading has increased significantly (17.08%).
In the long run, cryptocurrency has every chance of new highs. Since the second half of April, its value has doubled. Despite regular pullbacks below ATH, the bulls quickly take matters into their own hands and start a new upward movement.
ETH is supported by the mega-popular NFT and DeFi spheres. Some of the tokens are frozen in these projects, which reduces supply and increases demand. This is the driving force behind the growth in the value of tokens in the long run.
You can find out the current price of Ethereum on the Binance exchange.
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