Pintu News – After experiencing a 51% increase between May 8 and 13, the current price of Ethereum

Both technical indicators and data from the blockchain suggest that the $2,460 level, or roughly $2,500, is the main resistance point that ETH must break

The price of Ethereum (ETH) has risen by 51% since May 8, 2024, after falling 16% over the previous seven days.

Technical indicators and data from the blockchain suggest that the $2,460 level, or roughly $2,500, is the main resistance point that ETH must break in order to continue its rise towards the psychological $3,000 level.

However, the recent downturn in the crypto market has caused the ETH price to fall below this key level. As of May 18, Ethereum was trading at $2,392 and showed signs of weakness.

On the other hand, other altcoins have shown gains, recovering from the decline that occurred on Sunday night and the early trading session in Asia on Monday, May 19.

Then, how will Ethereum price move today?

Ethereum (ETH) Price Up 7.02% in 24 Hours

As of May 20, 2024, Ethereum (ETH) is trading at approximately $2,566, or around IDR 42,429,382 — marking a 7.02% increase over the past 24 hours. Within that time frame, ETH dipped to a low of IDR 38,872,768 and climbed to a daily high of IDR 42,429,382.

At the time of writing, data from CoinMarketCap shows that Ethereum’s market capitalization is around $309.72 billion, with daily trading volume down 4% to $25.79 billion in the last 24 hours.

Key Ethereum (ETH) Price Levels to Watch Out For

Data from IntoTheBlock shows that most “out-of-the-money” investors bought ETH within the price range of $2,357 to $2,556.

In this range, around 7.4 million wallet addresses bought nearly 70 million ETH at an average price of $2,462. This group of investors collectively holds Ether assets worth about $17.22 billion.

If just 25% of those holders start to panic and decide to sell their ETH at the breakeven price of around $2,462, this could create selling pressure of $4.3 billion. Pressure of this magnitude could potentially trigger a significant drop in Ethereum’s price.

In addition to these price zones, there are still several other groups of investors who are currently underwater, and they could also put additional pressure on ETH’s price movements.

However, given that the price of Bitcoin (BTC) has already fallen below the key support level of $26,400, there is a possibility that the selling pressure on Ethereum will not be as strong as anticipated.

Here are some important breakeven levels for ETH above $2,462:

These levels can be important points that determine whether the price of ETH will continue to rise or be held back by profit-taking from investors who previously lost money.

Technical Analysis of Ethereum (ETH)

From a technical analysis point of view, Ethereum (ETH) holders are now starting to take profit after a significant price surge in the past two weeks. This sharp rise attracted the attention of short-term investors to exit the market, which added to the selling pressure on the upside.

As a result, ETH is currently in a consolidation phase. A sharp price correction is still possible as the market is already in an overbought state, as indicated by the RSI indicator.

The key buy zone is at the weekly breaker area between $1,872 to $2,069, where a significant surge in demand is expected.

Therefore, the expectation of a higher low around $2,000 is an attractive opportunity to open long positions.

If the ETH price drops to the $2,000 range, then the first psychological resistance zone on recovery will be in the $2,400 to $2,700 range. This zone also includes most of the ETH that is currently underwater, as described earlier.

In conclusion, Ethereum’s price prediction remains bullish, but investors should be prepared for a possible correction and the formation of a higher low around $2,000.

A buy-the-dip strategy at this level has the potential to push ETH prices back to the $2,400 – $2,700 range, which is a crucial level and needs to be broken for ETH to return to $3,000.

From a blockchain data perspective, the GIOM indicator shows that the main hurdle to overcome is at $2,462, where about $17.22 billion ETH is still in the red.

While breaking the $2,