Ethereum (ETH) Price Prediction for May 8

Sellers are not ready yet to seize the initiative, according to CoinStats.

ETH/USD

The rate of Ethereum (ETH) has rocketed by 8.2% over the last day.

On the hourly chart, the price of ETH has broken the $2,000 area. If the daily bar closes around that mark and with no long wick, growth may continue to the $2,100 zone.

On the bigger time frame, the rate of the main altcoin is far from key levels. In this case, one should focus on the daily candle’s closure in terms of its peak. 

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If it happens near $2,000, traders may witness an ongoing upward move by the end of the week.

From the midterm point of view, the picture is also bullish. If the breakout of the $2,069 level happens, the accumulated energy might be enough for a test of the $2,200-$2,400 zone.

Ethereum is trading at $2,003 at press time.