Invest in ETHUSD with $2,350 target if key support holds post-correction

The daily chart for ETHUSD on April 30, 2026, reveals a market catching its breath. After a sharp decline in the previous session, the price has turned hesitant, hovering near $2,247. The current candle is shaping up like an inverted hammer—a telltale sign that bearish momentum may be running out of gas and a bounce could be brewing. Still, volume needs to pick up before traders start to celebrate. 

Bollinger Bands are flashing "calm before the storm". Following a springtime climb, they have tightened and gone horizontal, suggesting that volatility is building up for a potential explosion. The price is stuck in the channel's lower half, squeezed between the midline at $2,315 and the lower band at $2,213. Such a positioning makes a push back to the center a real possibility. 

The Chaikin Oscillator, however, is leaning bearish. It has been sliding steadily since mid-April and dipped into negative territory yesterday—a clear red flag that sellers are currently outpacing buyers, pouring more fuel on the corrective fire. 

Volume has been lackluster overall this week. Yesterday's sell-off was slow and lacked real aggression, while today's feeble rebound hasn't been backed by any meaningful inflow of new money. Therefore, big market players are staying on the sidelines, watching and waiting.

Zooming out to the fundamentals, the picture remains murky but not entirely bleak. On the bright side, Ethereum is receiving significant institutional attention. For example, Bitmine purchased $147 million worth of ETH in a single day. In addition, the locked supply surpassed the 30% threshold, and 21Shares introduced staking rewards for exchange-traded fund (ETF) holders. Conversely, the Federal Reserve's harsh rhetoric triggered the current risk-off mode, shaking some capital out of the crypto. Nevertheless, since the market has already priced in that message, the potential for further downside appears limited.

For those ready to make a move, the trading plan is given below: 

If support at $2,220–2,230 holds, consider buying the ETHUSD pair. Lock in profits at $2,350. Place Stop loss at $2,180.

This forecast covers the period from April 30 to May 7, 2026.