After staging a strong rally below $2,100 in early May, Ethereum prices today are below the $2,700 mark. This level served as a psychological barrier after ETH reached a high of $2,722, causing slight daytime rejection. Recent Ethereum price spikes have brought ETH back to a long-term descending resistance zone, which has become a key area of trend verification towards May 15th.
What will be the price of Ethereum?
ETH/USD price dynamics (Source: TradingView)
Daily and weekly charts show bullish controls that regenerated Ethereum after escaping a few months of falling wedge patterns. On the daily chart, ETH is currently testing the diagonal resistance trend line, which stems from the November 2023 high. This crosses around $2,720-2,750. This is a zone backed by a 0.5 Fibonacci retracement over the weekly time frame ($2,745) and becomes an important pivot area.
ETH/USD price dynamics (Source: TradingView)
The weekly candle shows a strong follow-through, with Ethereum price action returning to both FIB levels of 0.382 and 0.236, suggesting that this recovery is not just a bounce, but a potential trend reversal. However, the upper Bollinger band on the four-hour chart is temporarily lowered the upper boundary band, which costs $2,680.
Ethereum Price Action: Sideways bias before breakout
ETH/USD price dynamics (Source: TradingView)
On the 30-minute chart and the 4-hour chart, ETH appears to form a bull flag. This is a continuation pattern that often signals breakouts when volume increases. The candles are compressed just below the $2,680-$2,700 zone, with immediate support sitting around $2,610-$2,640. The 4H 20 EMA is close to $2,517 and provides dynamic support in the event of short-term DIP.
The 30-minute chart RSI cools from over 63 territory to 57.83, showing a short pullback before continuing. MACD, on the other hand, shows a narrow histogram with minor bearish crossovers.
In addition to short-term uncertainty, the Bollinger band in the four-hour time frame has begun to shrink after last week's explosion, indicating that Ethereum's price volatility could be compressed before it expands again.
Why are Ethereum prices falling today?
ETH/USD price dynamics (Source: TradingView)
Problem Why is Ethereum prices falling today? It can be answered by near $2,720 short-term resistance and early signs of fatigue. The recent upward movement was driven by breakouts from the $2,100 range and strong momentum of $2,400 and $2,600. However, prices currently face horizontal and diagonal resistance from both daily and weekly time frames. This is around $2,720-2,750.
At the same time, ETH is strongly outperforming major Emma. It's a $2,319 50 EMA and a $2,126 100 EMA. As long as Ethereum exceeds $2,610-$2,640, the structure continues to favor bulls. A daily closure above $2,750 could clear the road to the next resistance band for $2,843, and could even have a weekly magazine level of $3,080 at 0.618.
Short-term Ethereum price forecast for May 15th
ETH/USD price dynamics (Source: TradingView)
Entering May 15th, Ethereum appears poised for a breakout if the Bulls can generate enough volume to clear $2,700-$2,745. A clean breakout pushes ETH to $2,843, potentially $3,000, with weekly resistance clusters present. Conversely, a refusal here and a loss of $2,610 could result in a retest of $2,517 and $2,480.
Ethereum price updates are very sensitive to whether this current flag structure is up or down. Traders should monitor the momentum shifts in RSI and MACD during the day, along with volumes close to the $2,700 breakout threshold.
Ethereum forecast table: May 15th
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