Anticipated Ethereum (ETH) Price Surge in May: Expert Forecasts Unveiled
*Heads Up: Ethereum on a Roll? *
- Industry insiders are nodding to May as a potentially prosperous month for Ethereum, with some betting on a significant rally if crucial resistance levels are obliterated.
- Over the past week, there's been a noticeable upsurge in ETH outflows from exchanges, hinting that investors are swapping to self-custody - a move typically viewed as bullish due to decreased selling pressure.
Where's ETH Headed?
The second-largest digital currency in terms of market size spiked by 16% over the last two weeks, currently trading above $1,800. While the surge is impressive, its overall performance over the past few months remains underwhelming.
Popular crypto analyst, Carl Moon, with a following of 1.5 million on platform X, let slip that Ethereum (ETH) has been sliding for five consecutive months. In February alone, the price tanked by approximately 32%.
Yet, Carl Moon underscored that May is historically a fruitful period for this asset. ETH has only recorded losses in three out ten Mays throughout its existence. What's more, the ongoing month has traditionally delivered the biggest average gains - around 27.31%.
Meanwhile, fellow analyst SHERIFF echoed the sentiment. They noted that ETH bled in seven out of the previous eight months. The dismal performance was further compounded by somber sentiment and "lifeless" volatility. But as SHERIFF pointed out, these are periods when "the next major leap lays its foundation."
Meanwhile, Merlijn The Trader cooked up an intriguing comparison between Bitcoin's 2020-2021 performance and Ethereum's recent structure. Forecasting a potential price eruption if "history is on our side," he went on stating that he's "priming up on ETH."
Lastly, CryptoWZRD jumped in with a projected short-term scenario. The analyst penciled in $2,120 as the next critical resistance hurdle, envisioning a swift move towards $2,800 if ETH smashes through.
Leaving Exchanges Behind
One factor that underpins the upbeat predictions stated above is ETH's exchange netflow.
Outflows beat inflows in the recent past week, indicating that investors have switched from centralized platforms to self-custody solutions. This move typically fortifies the bullish case as it lowers immediate selling pressure.
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Ethereum (ETH) Price 📈 🛠️ 🗓️ 🔗
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- As Ethereum gains momentum, some crypto analysts are suggesting that May could be a promising month for the digital currency, with potential significant rises if crucial resistance levels are overcome.
- In February, Ethereum experienced a significant drop in price by around 32%, but despite this, historical data suggests that Ether usually records higher gains in May, averaging approximately 27.31%.
- With the current surge, Ethereum is now trading above $1,800, but its overall performance over the past few months has been underwhelming, declining for five consecutive months.
- Some crypto analysts are adopting a bullish stance on Ethereum, citing the recent increase in Ethereum outflows from exchanges as a signal of investors swapping to self-custody, which typically lowers immediate selling pressure.
- As a result of these factors, prominent analysts like Carl Moon and Merlijn The Trader are preparing for a potential price eruption, with Carl Moon stating that he's "priming up on ETH."
