Ethereum (ETH) Price Prediction for May 3

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Written By Maya Cantina
Cover image via www.tradingview.com

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The cryptocurrency market is bouncingaccording to CoinMarketCap.

Top coins according to KoinMarketCap

ETH/USD

The value of Ethereum (ETH) has increased by 1.38% over the last 24 hours.

Image by Trading View

On the hourly chart, ETH price has broken the local resistance level of $3,015. If the daily bar closes above it, the upward movement may extend to the $3,100 zone by the end of the week.

Image by Trading View

On the larger timeframe, the value of the major altcoin continues to rise after a false breakout of the $2,852 support level.

If the candle closes above yesterday’s peak without a long wick, growth may soon test the $3,100-$3,150 area.

Image by Trading View

From a medium-term point of view, we should pay attention to the close of the weekly candle. In the event of a fall away from $2,900, buyers may take the initiative which could lead to a rally back to $3,200.

Ethereum was trading at $3,043 at press time.

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