Ethereum price prediction remains cautious as the token tries to recover after a weak weekly move, as of Wednesday, May 20. Analysts say buyers still need a clear reclaim of resistance. Until then, the rebound may lack stronger confirmation across the short-term market structure.
As of writing, ETH is trading at $2,124, showing an increase of 0.67% in the past day. The trading volume is down by 38.14% and is currently standing at $11.14 billion. Over the last week, the coin price has decreased by 7.8%, according to CoinMarketCap.
Also Read: TRX Price Analysis: Strong Uptrend Signals Breakout Above $0.3680
Ethereum Faces $2,200 Resistance
Analyst More Crypto Online highlighted that Ethereum has started a small bounce. He noted that the overall structure is weak, as the market failed to recover any significant resistance.
The initial barrier is located close to the yellow trend line at $2,160. The most notable swing high is located near $2,200, playing a pivotal role in the Ethereum price prediction.
A break above this resistance area would provide a stronger indication that the local bottom may have already been formed. The rebound can still be considered a corrective move until that move appears.
The support is around $2,040 on the downside. A drop below the level will see Ethereum at the next major level of $1,800, the analyst said.
Moreover, another analyst, Ted Pillows, focused on the $2,150 level. He added that Ethereum has been attempting to rally above that area, and a reclaim may drive the coin toward $2,250.
If ETH fails to keep up the rally from that zone, it might pull back to the $2,000 level. This will maintain the ETH price prediction on resistance instead of the small daily gain.
Open Interest Rises as Futures Volume Drops
CoinGlass data shows weaker derivatives activity. The future volume fell 41.16% to $31.96 billion, while open interest rose 1.45% to $32.03 billion.
The ETH OI-weighted funding rate stood at 0.0059%. That reading was slightly bullish but failed to validate a strong bullish move.
Ethereum Price Prediction Faces Weak RSI, MACD
From a technical perspective, the Relative Strength Index (RSI) stands at 35.68. Its moving average is at 44.90, keeping Ethereum below the neutral 50 level and adding pressure to the Ethereum price prediction.
The Moving Average Convergence Divergence (MACD) shows weak daily momentum. The MACD line is at -41.0, while the signal line stands at -15.9. The histogram remains negative at -25.2. This indicates that bearish pressure still dominates ETH’s short-term technical setup.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Ethereum Price Analysis: Will ETH Hold $2,170 Support?
