- On May 08, the bullish ETH price analysis is at $3546.15.
- ETH’s bearish market price analysis for May 08, 2022, is $2282.30.
- Ethereum’s MA shows a downward trend.
In Ethereum Perpetual Future (ETH) price analysis on May 08, 2022, we use price patterns, and the Moving Average of ETH to analyze the future movement of the cryptocurrency.
Perpetual contracts are derivative contracts similar to futures that have no expiration date or settlement, allowing them to be held or traded for an indefinite amount of time. They are gaining popularity in crypto because they allow traders to hold leveraged positions without the burden of an expiration date. Unlike futures, perpetual contracts trade close to the index price of the underlying asset due to perpetual funding rates.
A platform powered by blockchain technology is Ethereum, well known for its native cryptocurrency called ether, ETH, or Ethereum. Blockchain technology creates distributed consensus about the state of the Ethereum network. New blocks are asses to the very long Ethereum blockchain to process Ethereum transactions and mint new ether coins or to execute smart contracts for Ethereum dApps.
Furthermore, Ethereum is used by tech giants and corporations to develop customized blockchain models. In the coming years, the increased use of Ethereum will lead the creators to switch from the proof-of-work to a new consensus algorithm.
Ethereum has been trending up over the last few weeks s anticipation build for its massive software upgrade. Investors and developers are calling it the merge and it’s expected to happen over the next few months. More so, it will change how transactions on Ethereum are ordered, making it more efficient and sustainable for widespread use. But until that happens, crypto experts are waiting to see how investors and companies building their tech on Ethereum’s platform respond to the changes.
Ethereum (ETH) Price Analysis
ETH price analysis on May 08, 2022, is explained below with an hourly time frame.
An ascending channel is the price action contained between upward sloping parallel lines. Higher highs and higher lows characterize this price pattern. An ascending channel is used to show an uptrend in a security’s price. Ascending channels are short-term bullish in that a stock moves higher within an ascending channel, but these patterns often form within longer-term downtrends as continuation patterns.
Currently, the price of ETH is $2566.09. If the pattern continues, the price of ETH might reach the resistance level of $3073.75 and the buy level of ETH is $3546.15. If the trend reverses, then the price of ETH may fall to $2282.30.
Ethereum (ETH) Moving Average
The ETH’s Moving Average (MA) is shown in the chart below.
Currently, ETH is in a bearish state. However, ETH’s lies below 50 MA (short-term).Possibly, ETH can also move above 200 MA (long-term) soon. Once it moves above 50 MA and 200 MA levels, it completely goes to a bullish state. Moreover, there is a high possibility of a Trend reversal at any time.
Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.