ETH Technical Analysis Points to Possible Rebound to $3,000 in May

Ether (ETH), the Ethereum network's native asset, often reflects onchain activity and risk appetite in the broader crypto market. Citing TradingView on April 28, Cointelegraph reported that ETH had fallen below $2,300 and was trading between its 100-day exponential moving average of $2,350 and its 100-day simple moving average of $2,220. The $2,200 level was seen as crucial support for bulls seeking to avert a deeper correction.

A May 18 report showed ETH had fallen 12% from its May 6 peak of $2,420, touching a low of $2,090 on May 17. CryptoQuant said hourly taker sell volume on Binance had exceeded $1.1 billion, while U.S. spot Ether ETFs recorded $255 million in net outflows over five days. About 3.85 million ETH had a cost basis between $2,000 and $2,100, and a break below $2,000 could send the price toward $1,700.

Ether (ETH) is the native asset of the Ethereum blockchain, and traders view $1,800 as a key support level. An onchain profitability indicator has fallen to historically low levels, suggesting that much of the short-term selling pressure may have been exhausted. If the price holds, the market would have more reason to conclude that the current correction is nearing a bottom.

The latest onchain data shows stronger buying support for ETH around $1,800, while the spent output profit ratio (SOPR) indicates that investors have recently sold at a loss amid panic. Similar periods of concentrated loss realization have often preceded price reversals, leading traders to expect ETH to hold $1,800 in the short term and build momentum for a rebound.