Ethereum (ETH) Price Trends and Predictions for May 14

Ethereum (ETH) rose 0.5% in the last 24 hours but faces critical support at $2,577. If it breaks this level, a possible decline towards $2,500 could occur. A bearish trend may lead to a drop to $2,400 by week’s end, especially if the weekly candle closes below $2,608.

As of May 14, Ethereum (ETH) is showing a modest gain, with a price increase of about 0.5% in the past 24 hours, as reported by CoinStats. This upturn comes despite recent challenges, with many altcoins, including Ethereum, navigating through fluctuating market conditions. Buyers are displaying resilience as most coins seem to be ticking upwards, even if just marginally.

On the hourly chart, Ethereum is currently facing a crucial test against local support at $2,577. A drop below this level could potentially trigger a decline towards the $2,500 mark, leaving traders on the edge. It’s a tense moment, as this will determine whether buyers can maintain their footing or if sellers will take over and push prices down further.

Looking at larger trends, the overall sentiment isn’t entirely optimistic. After a bearish closure yesterday, Ethereum’s price appears to be on a downward trajectory. If this trend continues without any significant rebound, there’s a possibility of a drop to the $2,400 level by the end of this week.

From a midterm perspective, the focus should be on the closure of the weekly candle, particularly with respect to the $2,608 level. A closure significantly lower than this could hand control to the bears, heightening the risk of a fall back to $2,400, suggesting a wave of selling might be on the horizon.

At the time of writing, Ethereum is sitting at $2,579, a critical moment as traders observe these movements closely, weighing their options for potential entry or exit points in this volatile market. The coming days will be pivotal for ETH’s price action, as investors brace for possible market shifts.