On May 28, buyers successfully pushed Ether above the resistance line, suggesting a potential conclusion to the corrective phase. Notably, Ethereum has recently exhibited a bullish signal as it found support at the 100-day moving average of $1,800, leading to a notable price surge.
Ethereum's price underwent a correction after facing resistance at $1,920 against the US Dollar. However, the current support suggests a potential upward movement towards $2,000.
#Ethereum began a notable rise, surpassing the $1,800 resistance level. It even broke $1,880 before encountering selling pressure near $1,920, resulting in a decline, mirroring the situation observed with Bitcoin.
ETH experienced a downward correction, breaching the $1,900 and $1,885 levels. It briefly dipped below the 50% Fibonacci retracement level of the upward movement from the $1,824 swing low to the $1,928 high. Nevertheless, the bulls demonstrated strength by defending the $1,870 level.
On the hourly chart of ETH/USD, a significant bullish trend line is taking shape with support around $1,880. This trend line closely aligns with the 61.8% Fibonacci retracement level of the upward movement from the $1,824 swing low to the $1,928 high. Currently, Ethereum remains above the $1,880 level and the 50-hourly Simple Moving Average.
The immediate resistance level to watch for is around the $1,920 zone. A decisive breakthrough above this resistance could potentially propel Ether towards the $1,960 mark. The subsequent hurdle lies near $2,000, surpassing which Ethereum may gather momentum towards $2,040. If further gains occur above the $2,040 resistance zone, the price could potentially target the $2,100 resistance level.
If #ETH is unable to surpass the $1,920 resistance, there is a possibility of further downward movement. The initial support on the downside is approximately at the $1,885 level. The subsequent significant support lies around the $1,870 zone, coinciding with the trend line. If the price closes below the $1,870 support, it could potentially decline towards the 100 hourly Simple Moving Average. Further losses might lead the price towards the $1,815 level in the upcoming sessions, and if it drops below that, it could test the $1,800 mark.
Based on price analysis, the market capitalization of ETH is approx at $228,813,578,772. The 24-hour trading volume is expected to be $4,773,407,689.
KEY LEVELS :
RESISTANCE LEVEL : $1,940-$1,980
SUPPORT LEVEL : $1,860-$1,810
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
