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Ethereum (ETH) Could Close the Month of May Between $3.5k and $6.2k

Posted by Jeffrey Sloe on May 13, 2021 - 11:32pm
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Ethereum (ETH) Could Close the Month of May Between $3.5k and $6.2k

JOHN P. NJUI   •   ETHEREUM (ETH) NEWS •   MAY 13, 2021

  • Timothy Peterson has forecasted that Ethereum could close the month of May at a value of between $3,500 and $6,200
  • His analysis is based on ETH’s seasonal trend of performing well in the first half of the year
  • $4.6k is a possible mid-point value for the monthly close with the higher range of $6.2k seeming likely
  • Short-term, ETH has lost $4k after Elon Musk’s tweet of Tesla no longer accepting BTC

Bitcoin and crypto analyst, Timothy Peterson, has forecasted that Ethereum could close the month of May at a value of between $3,500 and $6,200. Mr. Peterson’s price range is based on Ethereum’s seasonal trend of performing rather well in the first five months of the year.

According to his analysis, Ethereum has a high probability of closing the month of May at the higher end of this range. Mr. Peterson shared his analysis of Ethereum’s price through the following statement and accompanying chart.

Ethereum has strong seasonal trends. Based solely on these historical trends, one could expect $ETH to end May 2021 between $3,500 and $6,200, with a midpoint value of $4,600.

2020 and 2017 were bull years, and since we seem to be in a bull year now, I’m thinking the higher end of this range is more likely.

Ethereum Loses $4k After Elon Tweets About Tesla No Longer Accepting Bitcoin

In the last 24 hours, Ethereum has dipped by 16.67% from $4,200 levels to a local low of $3,500. The pullback was the result of Elon Musk announcing that Tesla would no longer be accepting Bitcoin for car purchases due to the environmental impact of BTC mining.

At the time of writing, Ethereum has somewhat recovered from the dip and is currently trading at $3,766 with the $3,700 price area acting as short-term support. However, chances are that Ethereum revisits the local low of $3,500 as the world digests the Tesla news and realizes that Bitcoin and crypto will continue to thrive regardless of Elon’s comments.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Caleb Mpamei Despite the many challenges, Ethereum is still the silver in our industry. It will do very well indeed.
May 15, 2021 at 1:46am
Jeffrey Sloe Yes, Simon, that's a bod prediction, but everyone is entitled to their own opinion. Thanks for reading and commenting.
May 14, 2021 at 10:27pm
Simon Keighley That's an interesting prediction by Timothy Peterson about the short-term price of ethereum, Jeffrey - ethereum's had an incredible bull run so far this year, Thanks for sharing.
May 14, 2021 at 8:12am
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