Ethereum price predictions today can be quite hard to make. For this reason alone, this article will tackle what certain indicators are saying about the price. While $Ethereum had previously reached an all-time high of almost $4,200 USD, the price has been treading the waters and hasn't even hit the $3,000 price point for quite a while.
Cryptocurrency Environmental Concern
While the earlier parts of May had the Ethereum prices go up, nobody could make an Ethereum price prediction that it would go all the way down due to the recent large news about crypto. The thing about indicators is although they do tackle market movement, they do not cover what is happening outside the market.
Outside of the market refers to certain happenings like Elon Musk's announcement that Tesla would be backing down from accepting Bitcoin payments. The Tesla CEO later clarified that the company has not sold any of its $BTC holdings and just opted not to accept payments due to "environmental issues," according to CNBC.
Elon Musk then announced that he would be meeting with Bitcoin miners to look for sustainable energy-clean ways to mine Bitcoin, which seemed to have a positive effect on cryptocurrency. One of the largest things affecting the prices as of the moment is the China crackdown on cryptocurrency.
Due to major cryptocurrency players in China having to exit the scene, the market will see a large exodus which will result in volatility before it stabilizes once again. When looking at the Binance chart from May 17 to 27 (10-day period), the RSI has not yet reached 30.
Ethereum Price Prediction Today
Bollinger Bands also show a small window that could signal either a huge bearish run coming soon. The sad part going back to the RSI is the last time $ETH dropped below the 30 lines was on May 19, reaching above 13. The last time it hit 30 RSI was on May 23.
The double dip in RSI on May 23 showed the price could go up, and it eventually did on May 24. The RSI dip on May 24 was a good indicator as it went down twice and in ascending order. As of the moment, the RSI is a bit undersold (but not yet below 30), and the Bollinger Bands are narrow, which could signal the stock could potentially go bearish.
Will Ethereum Go Up?
With pretty solid support (but still not a 100% guarantee), the Ethereum price prediction can be made clearer once it at least reaches a closer RSI. If it doubles down, this could be a signal for potential temporary gain, but the data is not yet strong enough to support the thought of Ethereum going to $3,000 soon.
Disclaimer, the data might change at any time, so it is important to pay closer attention to the RSI, Bollinger Bands, and other indicators being used to make better predictions. As of the moment, $ETH is close to the RSI but hasn't yet doubled down.
This article is owned by Tech Times
Written by Urian B.