Ethereum (ETH) Price Prediction for May 3

The cryptocurrency market is bouncing off, according to CoinMarketCap.

ETH/USD

The rate of Ethereum (ETH) has increased by 1.38% over the past 24 hours.

On the hourly chart, the price of ETH has broken the local resistance level of $3,015. If the daily bar closes above it, the upward move may continue to the $3,100 zone on the weekend.

On the bigger time frame, the rate of the main altcoin keeps rising after a false breakout of the support level of $2,852.

If the candle closes above yesterday’s peak with no long wick, growth may lead to the test of the $3,100-$3,150 area soon.

From the midterm point of view, one should pay attention to the weekly candle closure. If it happens far from $2,900, buyers might seize the initiative that can lead to a bounce back to $3,200.

Ethereum is trading at $3,043 at press time.

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