Ethereum (ETH) Price Prediction for May 16

Ethereum

Ethereum (ETH) Price Prediction for May 16

After a ferocious breakout from the $2,000 range, the Ethereum price is currently trading at $2,585, pulling back modestly after facing resistance around $2,710. On the 4-hour chart, ETH is consolidating inside a downward-sloping channel as bulls protect the $2,560-$2,570 zone, which coincides with the 20-EMA and the Bollinger midline. This area acts as dynamic support for now.

On higher timeframes, the breakout above $2,400 triggered a vertical rally, pushing prices above the 0.5 Fibonacci retracement at $2,745 (from the $4,100–$1,385 range). While Ethereum price today has slightly cooled, the upside structure remains intact unless ETH drops below $2,500, which could open room for a deeper pullback toward the $2,385 and $2,186 levels (EMA 50/100).

Notably, the RSI on the 30-min chart is neutral at 45.5, while MACD continues to flash a weak bearish crossover, suggesting momentum is fading but not reversing.

Ethereum Price Update: Can Bulls Push Past $2,700 Again？

On the daily chart, ETH has broken out of a six-month descending trendline, clearing resistance zones around $2,200 and $2,400 with high volume. The rejection at the $2,710 zone aligns with a bearish order block from January 2024, making it a critical level to flip for any sustained advance.

The Ethereum price action shows a strong bullish structure supported by higher lows and a base breakout around $1,800. But after such an extended move, some Ethereum price volatility is expected. The Ichimoku Cloud on the 4H frame remains firmly bullish with price holding above the Kijun-sen and Tenkan-sen, although a minor correction is playing out. The Stoch RSI near 80 suggests a cooling-off phase is likely.

If ETH sustains above the short-term uptrend support near $2,560, another rally toward the $2,710–$2,745 resistance band could be on the cards. However, failure to hold this region may trigger a drop to the $2,500 liquidity pocket. Below this, $2,385 (4H EMA50) and $2,186 (4H EMA100) would be the next support levels.

Why Ethereum Price Going Down Today？

The current cooldown stems from profit-taking after a near 35% rally in under a week. The MACD on the 4H frame is also flattening, with histogram bars fading, signaling reduced bullish momentum. Still, theres no confirmed reversal—only a pause in trend.

For the remainder of the week, price action will be dictated by whether ETH can reclaim the $2,620 resistance and break past the $2,710 cap. A clean break would target $2,850 next, with $3,025 sitting near the 0.618 Fib retracement. On the downside, keep an eye on $2,500 and $2,385.

Ethereum Forecast Table: ETH Key Levels

In our May 14 ETH analysis, we highlighted the potential for ETH to reclaim $2,500 and move toward $2,700. That setup played out with precision, confirming the bullish bias. Now, with ETH hovering in a tight band, traders should watch if price maintains above the 20-EMA on 4H and prepares for another leg up or pauses for re-accumulation below $2,700.