Ethereum (ETH) Price Prediction for May 18: Can Bulls Reclaim $2,600 or Is More Downside Ahead?

Ethereum price today is trading around $2,495, reflecting a steady decline from the recent high of $2,737 posted earlier this week. Despite a powerful breakout from the $1,800 zone that triggered one of the strongest Ethereum price spikes of the quarter, upside momentum is showing early signs of exhaustion near the key resistance band around $2,600–$2,750. The 38.2% Fibonacci retracement on the weekly chart has now turned into a battleground.

What’s Happening With Ethereum’s Price?

On the weekly chart, Ethereum price action is facing supply pressure after reclaiming the 0.236 Fib level at $2,027 and tapping the 0.382 level at $2,424. This area around $2,400–$2,500 coincides with heavy prior consolidation seen in 2023, making it a crucial pivot for bulls. The current candle shows a long upper wick and a small body, indicating hesitation at this resistance.

Zooming into the daily chart, the recent breakout above the descending trendline has lost momentum just ahead of the next major red zone near $2,745 (Fib 0.5 level). This matches with rejection candles on May 14–…

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