After staging a strong rally from below $2,100 in early May, the Ethereum price today is consolidating just under the $2,700 mark. This level has acted as a psychological barrier after ETH hit a high of $2,722, triggering slight intraday rejection. The recent Ethereum price spikes have brought ETH back into a longer-term descending resistance zone, making this a critical area for trend validation heading into May 15.
What’s Happening With Ethereum’s Price?
The daily and weekly charts show Ethereum reclaiming bullish control after breaking out of a multi-month falling wedge pattern. On the daily chart, ETH is currently testing a diagonal resistance trendline that stems from the November 2023 highs. This intersects around $2,720–$2,750 — a zone also backed by the 0.5 Fibonacci retracement on the weekly timeframe ($2,745), making it a key pivot area.
Weekly candles show strong follow-through, and Ethereum price action is now back above both the 0.382 and 0.236 Fib levels, suggesting that this recovery is not just a bounce but potentially a trend reversal. However, …
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