Ethereum (ETH) Price Update and Predictions for May 8

Ethereum (ETH) has surged 8.2% in 24 hours, reaching $2,003. A daily close near $2,000 could push prices towards $2,100, while breaking $2,069 might test higher resistance levels. Traders are advised to monitor market movements closely for indications of trends.

Ethereum (ETH) has surged significantly, with an impressive jump of 8.2% reported in the last 24 hours. As the price hovers around the $2,000 mark, traders are keenly watching for the hourly chart to see if this momentum continues. A solid closure of the daily bar at or around $2,000, especially without a long wick, might signal further growth, potentially pushing ETH towards the $2,100 level in the coming days.

Looking at the broader picture, the sentiment remains optimistic. Analysis suggests that if ETH manages to break through the $2,069 barrier, it could energise the market sufficiently to test resistance in the $2,200 to $2,400 range. However, it’s crucial to remember that ETH is still distanced from major levels, which means caution is still necessary.

Currently, Ethereum is trading at $2,003. Traders are advised to keep an eye on how the next few daily candle closures play out, especially around that pivotal $2,000 area. The ongoing actions of sellers and buyers may further dictate this rising trend or herald a potential correction soon after. So, staying informed and cautious seems like a solid plan going into the week.