ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250

Last week the Ethereum(ETH) price witnessed a dramatic fall which plunged the altcoin below the $2165 support. As a result, the altcoin registered a 39% fall within a fortnight, and the recent fallout threatens further downfall.

Timeline of Ethereum

Ethereum, like most cryptos in the industry, is yet to recover from the stormy market conditions of the past week. At the time of writing, for instance, ETH was trading at $2,028, well below its ATH less than a year ago.

Ethereum price analysis is bullish today as we have seen failure to move any lower and steady return above the $2,000 support. Therefore, ETH/USD is likely headed even higher towards the $2,200 resistance.

Since the sharp drop in the crypto markets three days ago, Ethereum was able to recover about 14% from its lowest level at $1,800. However, the daily candlesticks structure remains weak.

Early on May 15, the global crypto market cap remained unchanged at $1.28 trillion. This week, the price of Bitcoin, the world's largest cryptocurrency, fell to roughly $25,420, its lowest level since December 2020. Bitcoin has lost around 37% of its value this year. Ethereum (ETH) is currently trading at a 10-month low, along with …

Ethereum price trades in a very tight range with no clear directional bias on Saturday, although bias remains negative. The ETH buyers struggle to sustain the gains at higher levels.

Yuga Labs, the company behind the Bored Ape Yacht Club non-fungible tokens (NFT), caused the Ethereum network to crash temporarily after a sale of metaverse plots of land overwhelmed the blockchain. Some 55,000 plots were sold for an upcoming multiplayer metaverse game called Otherside, with each plot sold at £4,500 or 305ApeCoin, a currency created by the company.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice Data from Santiment showed a dramatic increase in transaction volumes for Ethereum in the past two days. Moreover, the number of addresses at a loss on the Ethereum network reached a new ATH, which was

Ethereum investors continue to show faith in their loved altcoin even after the recent crash. Despite the macro headwinds, ETH is now ranging above $2,000 repaying the faith of the investors.

Ethereum price analysis is bearish today as we have seen another lower high set at $2,150 after a considerable retracement. Therefore, ETH/USD is ready to drop again and test the $1,725 previous low.

Ethereum casinos are one of the world's fastest-growing crypto gambling industries. As a result, more operators accept the currency, and more casual players are trying to diversify their portfolios.