On May 18, the price of ETH rose, increasing by more than 2.5% in the past 24 hours, with a trading price of $2,536.
The price of Ethereum rose more than 4.5% from a low of $2,440 the previous day to an intraday high of $2,551. This rebound has strengthened market optimism, suggesting that the price of ETH could reach $3,000 in May due to strong technicals.
On May 19, in addition to the sharp decline in Ethereum, the cryptocurrency market also experienced massive liquidations. Over $158 million in leveraged positions were liquidated in the past 24 hours, with $95 million being long positions.
The total liquidation amount for Ethereum short positions reached $22.25 million, with $7.5 million evaporating in just the past hour. The recent decline in Ethereum is a technical pullback aimed at retesting key support levels before continuing to rise, targeting $3,000 and above.
The Ethereum price bull flag pattern is still in play.
From a technical perspective, the ETH price remains above a bull flag pattern on the four-hour timeframe, which is a bullish signal formed after a significant price increase followed by consolidation in a downward range.
On May 13, when the price broke above the upward trend line at $2,550, the bull flag was confirmed. Currently, Ethereum is retesting the upper boundary of the flag, which is currently at $2,470, forming a direct support level.
If the daily chart closes above this level, Ethereum may resume its upward trend, moving towards the technical target of the bull flag at $3,720, a 50% increase from the current price.
#ETH
The price of Ethereum rose more than 4.5% from a low of $2,440 the previous day to an intraday high of $2,551. This rebound has strengthened market optimism, suggesting that the price of ETH could reach $3,000 in May due to strong technicals.
On May 19, in addition to the sharp decline in Ethereum, the cryptocurrency market also experienced massive liquidations. Over $158 million in leveraged positions were liquidated in the past 24 hours, with $95 million being long positions.
The total liquidation amount for Ethereum short positions reached $22.25 million, with $7.5 million evaporating in just the past hour. The recent decline in Ethereum is a technical pullback aimed at retesting key support levels before continuing to rise, targeting $3,000 and above.
The Ethereum price bull flag pattern is still in play.
From a technical perspective, the ETH price remains above a bull flag pattern on the four-hour timeframe, which is a bullish signal formed after a significant price increase followed by consolidation in a downward range.
On May 13, when the price broke above the upward trend line at $2,550, the bull flag was confirmed. Currently, Ethereum is retesting the upper boundary of the flag, which is currently at $2,470, forming a direct support level.
If the daily chart closes above this level, Ethereum may resume its upward trend, moving towards the technical target of the bull flag at $3,720, a 50% increase from the current price.
#ETH
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
ETH
2,404.97
-4.23%