Key Takeaways
- Crypto expert Rosevip suggests a potential Ethereum rally to $3,800–$4,800 if the price holds above $2,300.
- ETH’s price trading above its 50-day and 200-day EMAs is a good advantage for a rally to $4,000.
- A short-term pullback may occur to $2,300 support as price remains bullish ahead of the May rally.
The price of Ethereum has been the best-performing altcoin following a strong price rally above $2,000, setting a good pattern for other altcoins to perform as the price of Ethereum (ETH) has gained much attention, closing the month of April strongly.
Crypto experts and analysts suggest that ETH’s price could outperform Bitcoin and has played out according to speculation. Despite a strong price rally by Bitcoin to a high of $105,000, Ethereum’s $2,600 price breakout and potential rally to $3,000 have caught major headlines in the last few weeks.
On-chain and technical analytical data for ETH have been bullish following increased activity. ETF inflows and a strong higher timeframe bullish breakout are key metrics that have convinced many traders and investors that the ETH price has the potential for $3,000 to $4,000 if its price rally continues in this fashion.
On-chain Indicators Suggesting ETH Rally Imminent
Ali Martinez, in his analysis of Ethereum price action, has suggested that the ETH MVRV ratio tool has flipped positive, indicating a strong buy demand. Historically, the MVRV for ETH flipping positive is a sign of a strong potential rally, and he expects such price action for Ethereum to be repeated.
A breakout for Ethereum price with strong volume above $2,700 could see renewed price action for ETH to the upside of $3,000 and more in May despite Bitcoin’s minor price retracement.
VIPRose, a crypto expert who has seen similar price action, has suggested that the price of ETH could rally to new highs of $3,000 and $4,000, respectively, if it holds its key support of $2,200, giving it the needed advantage for a bullish price push.
Ethereum Price Prediction For May
Source – ETH 4HR Price Chart From TradingView
Ethereum’s price looks strong in May above $2,200 following a rally to a high of $2,650, but it faces minor rejection as it would be looking to retest the key support zone of $2,300 as it maintains its price action towards $3,000.
ETH’s price action is one of the best for a higher-market-cap altcoin. The price trades above its 50-day and 200-day EMAS, which serve as support for the price. A retest and rally with volume above $2,300 could mean a potential $3,000 to $4,000 for the Ethereum price.
