Ethereum (ETH) Price Prediction and Analysis in May 2020

We will be looking at the past historical trends and developments for ETH so that we can develop an Ethereum price prediction for May 2020.

Ethereum Overview

Ethereum is the most popular and used smart contract and dapp development platform in the crypto industry. Its functions are powered by the ETH crypto.

It is currently the number two crypto asset according to a market capitalization of $21,016,062,790 and a trading price of $189.53, with a decrease of -0.36%. There are currently 110,882,798 ETH in circulation. A total volume of $19,890,172,944 worth of ETH has been traded in the last 24 hours.

Ethereum Price Prediction: Analysis

After the March crash, which brought Ethereum to a low of $90, the coin recovered quickly and began April at $130 levels. By the end of the first week of April, ETH’s bullish momentum brought the coin to $170. While it managed to maintain its gains above the new resistance level of $170 for a few days, on April 10^th, the coin sustained a correction down to $158.

The following week, ETH slowly climbed back to $170, and on April 18^th, it already established a new resistance level of $180. Until April 24^th, ETH traded sideways between $170 and $180, and the next day the bullish pull saw the altcoin breaking a new resistance level of $190.

On the last days of April, we saw a quick and positive development for Ethereum, as the coin traded entirely over the $200 mark.

ETH debuted in May at a price of $207,90. With some fluctuations over the first week in May that brought the coin just above $210, ETH is still having trouble establishing footing at the $210 mark.

The current pivot, resistance, and support levels calculated by WalletInvestor are:

• Resistance Level (R3): 229.208
• Resistance Level (R2): 221.770
• Resistance Level (R1): 217.030
• Pivot Point: 209.592
• Support Level (S1): 204.852
• Support Level (S2): 197.414
• Support Level (S3): 192.674

Developments

The team is currently working to prepare for the biggest network upgrade to ETH 2.0, which is expected to happen by July 2020.

ConsenSys revealed that the PegaSys Ethereum suite will soon be launched on Microsoft Azure Marketplace.

PegaSys is a suite of tools consisting of Hyperledger Besu, an open-source Ethereum client for enterprises, the PegaSys Plus for power users, and PegaSys Orchestrate for Ethereum smart contract management.

Yorke E. Rhodes III, the main program manager of blockchain engineering for Microsoft expressed his excitement at the new Azure addition: “Continuing to advance the enterprise quality and tooling for blockchain networks and development is core to serving the needs of customers using Azure. In combination with the VS Code Blockchain DevKit for Ethereum, a new standard for blockchain development has been set.”

A ConsenSys spokesperson also made a statement regarding the new collaboration: “These offerings will help developers deploy multi-node networks with explorers, monitoring, and dashboards to run the tools needed to manage a fully-fledged Enterprise Ethereum network.”

According to Dan Heyman of the PegaSys team, the suite has already been downloaded 130,000 times, in addition to over 200 enterprise networks created using Besu. Heyman noted, “Our close collaboration with Microsoft improves our performance on Azure as well as lays the foundation for deeper collaboration on future Ethereum offerings.”

Ethereum Price Prediction: Market Opinion for May 2020

As usual, we will include a number of sites and their Ethereum price prediction for several days of May 2020, as to better offer a more well-rounded perspective of how the market sentiment is for ETH.

Longforecast

Longforecast predicted that ETH will have a monthly minimum price of $194. The maximum price was calculated at $264. The site forecasts that the monthly average will be at $228. It is expected that ETH will close the month at a price of $247, change for May 19.9%.

Digitalcoinprice

Digitalcoinprice’s Ethereum price prediction for May places the coin at a price of $294.59, which signifies a growth of 38.25%.

Coinpredictor

Coinpredictor expects Ethereum to increase in the next 24 hours with +2.6%, which would place the coin around $219.72. In a week, the site forecasted that ETH will reach $235.35, with a change of +9.9%. By the end of the month, ETH is expected to decrease, with 43.1% nearing $121.85.

WalletInvestor

WalletInvestor made predictions for the next 10 days of May, along with the minimum and maximum values of each particular day.

Gov.capital

Gov.capital predicted that by the end of May, Ethereum would be changing hands at an average price of $217, a maximum price of $249, and a minimum expected price of $184.

Cryptorating

Cryptorating’s Ethereum price prediction for the next day is $217.90, with a change of 2.42%. The site guesses that, in one week, the coin will trade at $260.40, which means a change of 22.4%. ETH is expected to close the month at a price of $224.81, with an increase of 5.67%.

Cryptoground

Cryptoground predicted that one day from now, ETH will have a price of 201.1750, with a decrease of -5.19%. The site also expects, in one week, for ETH to reach $204.6000, with a loss of -3.58%. ETH is predicted to close the month at a price of $202.7734, which means a loss of -4.44%.

30rates

30rates issued an Ethereum price prediction for every day of May (without the weekends), along with the minimum and maximum prices of each day.

Altcoinforecast

Altcoinforecast predicted that, on May 31st, ETH will be trading at a price of $232.

Ethereum Price Prediction: Verdict

With this, we have reached the end of our Ethereum price prediction for May 2020. From what we can see from chart indicators and market predictions, ETH will continue to ride its bullish wave at least for the medium-term period.

Featured Image: coinspeaker.com

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