Ethereum Price Prediction for Today, May 8: ETH Slides Below $2400 Support

The Ethereum price prediction reveals that ETH faces the key support as the market price may gain more downs.

ETH/USD Market

Key Levels:

Resistance levels: $3100, $3300, $3500

Support levels: $2100, $1900, $1700

As the market opens today, after touching the resistance level of $2641, ETH/USD drops with a bearish bias. The coin opens at $2634, and it is currently dropping towards the support level of $2500. For the past few days, the Ethereum price did start a nasty decline and has been breaking many supports. The market price could correct higher, but it is likely to face more sellers below the lower boundary of the channel.

Ethereum Price Prediction: What to Expect from Ethereum

At the time of writing, the Ethereum price is breaking to the downside and the coin is likely to break down heavily to gain more downtrends. However, ETH/USD is currently hovering at $3026 as it prepares to cross below the lower boundary of the channel. Should it spike below the channel, the critical support levels of $2100, $1900, and $1700 may be tested as the technical indicator Relative Strength Index (14) moves to cross into the oversold region.

Meanwhile, ETH/USD could either recover above $2600 or extend its decline towards the support level of $2500. On the upside, the next major resistance is near the $2800 level. Meanwhile, the price needs to climb above the $3100, $3300, and $3500 resistance levels to move back into a positive zone. If not, there is a risk of more downsides below the channel.

When compared with Bitcoin, the daily chart reveals that the Ethereum price is hovering around the 9-day and 21-day moving averages. If the price crosses above the moving averages, there is a possibility that the coin may begin the upward trend. The next resistance key above this level is close to the 8000 SAT level. If the price rises, it could even break the 8200 SAT and above in future sessions.

However, if the bears push the price towards the lower boundary of the channel, 7000 SAT support may play out. Any further bearish movement could roll the coin to the critical support at 6600 SAT and below. The Relative Strength Index (14) is likely to cross below 40-level, suggesting bearish signals.

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• Source: https://insidebitcoins.com/news/ethereum-price-prediction-for-today-may-8-eth-slides-below-2400-support