ETH outlook: Can reach $2950 -$3000 by May 24th
๐ ETH โ 5 Fundamental Reasons for Price Going Up
๐ข Bullish Fundamentals
Rate Cut Speculation Grows (Post-CPI & PPI Drop)
US inflation cooling โ increased expectation that the Fed may cut rates sooner
๐ข Risk-on assets like ETH benefit
Ethereum ETF Momentum
BlackRock and other institutions still pushing ETH spot ETF filings
๐ข Anticipation can cause pre-approval rally
Staking & Supply Lock-up
Over 25% of ETH supply staked = reduced circulating supply
๐ข Illiquidity supports upward price pressure during demand spikes
Layer 2 Growth (Arbitrum, Base, Optimism)
High usage and adoption of L2s indirectly strengthen ETH demand via gas fees
๐ข Ethereum remains the foundational layer
DeFi TVL and Usage Picking Up
DeFi protocols like Aave, Curve, and Lido showing usage growth
๐ข ETH needed for collateral, governance, and gas = consistent base demand
๐ ETH โ 5 Fundamental Reasons for Price Going Down
๐ด Bearish Fundamentals
ETH Options Expiry โ High Put Ratio (1.36)
Though survived today, lingering short positions may suppress upside
๐ด Some traders still positioned for a drop toward $2,300โ2,500
SEC Regulatory Uncertainty
Still no green light for ETH spot ETF โ political resistance
๐ด If SEC delays or hints toward enforcement, market may panic-sell
Overheated Short-Term RSI
12H and 1D RSI are already over 70
๐ด Profit-taking likely around $2,650โ2,750
Macro Headwinds Possible
Stronger-than-expected US job data or rate hike signals = risk-off reversal
๐ด ETH and crypto sell off in fear
Whale Selling
On-chain alerts show some wallets offloading ETH between $2,600โ$2,750
๐ด Resistance from whales may cause price rejection
โ๏ธ Balance of Forces
Forces Weight Bullish Fundamentals ๐ฉ๐ฉ๐ฉ๐ฉโฌ๏ธ Bearish Risks ๐ฅ๐ฅ๐ฅโฌ๏ธโฌ๏ธ
Conclusion: Bullish edge.
If no sudden macro shock or SEC intervention, ETH should climb gradually next 5โ7 days.
๐ฎ 7-Day ETH Price Forecast (May 17โ24)
Based on your current ETH charts (12H to 6H and down to 1H), hereโs a sharp forecast update:
๐ ETH Price Outlook: Now to May 23โ24
๐ฆ Current Price: $2,597
โ Short-Term Analysis (1H โ 6H)
1H MACD is just flipping bullish โ mild momentum starting
2H RSI is recovering, now ~56, above 50 MA โ bullish continuation likely
4H MACD still weak but not falling further โ base forming
6H RSI cooled from overbought and holding 66 zone โ ready for another leg up if confirmed
โ Expect re-test of $2,620โ2,650 by May 17โ18
๐ง Mid-Term Targets (12H โ Daily)
12H RSI at 78.44 โ very high but not rejecting yet โ trend strong
MACD still rising with histogram building
Daily RSI also over 70, but not rolling over yet โ possible more room to 2700+
โ Momentum supports move toward $2,700โ2,750 by May 19โ21
๐ฉ Weekly View:
Weekly RSI at 53.10, turning up โ room to climb
MACD is curling upward, early bullish cross forming
Price has reclaimed DEMA bands on weekly, possibly re-entering the midrange channel to 3000
โ $2,950โ3,000 is still very plausible by May 23โ24 if no macro shock
โณ๏ธ Updated Target Zones
โ ๏ธ Risks
If ETH closes under $2,550 on 12H or 1D with RSI divergence โ delay breakout by 2โ3 days
ADX weakening on short TFs = may dip briefly before higher leg
๐ Disclaimer
The content in this publication is for informational and educational purposes only and does not constitute financial, investment, or trading advice. I am not a licensed financial advisor.
Any opinions, strategies, or analyses shared reflect my personal views and experiences. I may hold positions in the cryptocurrencies mentioned (e.g., BTC, ETH, SOL), which could influence my perspective.
Cryptocurrency markets are highly volatile and involve significant risk. Always do your own research and consult a licensed financial advisor before making any investment decisions.
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