Ethereum Technical Analysis For May 31

Ethereum rose above the $1.94K resistance level in terms of the US Dollar. ETH has even increased beyond $2K. It suggests that there could be an extension of the gains in the nearest future. Over the $1.92K and $1.94K marks, ETH started a recovery wave.

Currently, the ETH price is trading higher than $1,920 and the 100-hour SMA. An ascending bullish trend line for Ethereum/US Dollar is being formed, with support at $1,975 as a key area of interest. The pair could keep going up if the price stays above the $2K resistance zone.

The Value of Ethereum is up 5%

Above $1.85K, Ethereum was successful in maintaining its support level. An upward trend has been able to break through $1.92K as resistance. The bulls have successfully overcome. Even the $1.94K resistance saw a breach. The price finished above the 100-hourly SMA. 

The Ethereum price breached the $2K barrier. It trades as high as over $2.01K for a few minutes. Ether’s profits have now consolidated close to the $2K mark. It currently trades over the 23.6% Fibonacci retracement mark of the upward run from the $1,874 intraday low to the $2.01K high. Support at $1,975 has also formed on the 1-hourly ETH/USD chart as a connected bullish trend line.

Initial resistance is approaching the $2K mark on the upswing. Close to the $2.04K mark lies the next great resistance. The price could rise much further if it breaks over the $2.04K level on a sustained basis. The Ethereum price might rise to a resistance level of $2.12K if the scenario described above plays out. If it continues to rise, the $2.2K level may become a strong obstacle to be overcome.

In ETH, Are Dips Limited?

Assuming Ethereum does not break over the $2K resistance mark, it might start going bearish. The Ethereum trend pattern and the $1,975 area serve as an initial level of support for the bears. Close to the $1.94K mark lies the next huge support. 

It’s within the 50% Fibonacci retracement mark of the upward trend from the swinging low of $1,874 to the peak of $2.01K. The price could fall as far as $1.9K if the $1.94K mark gets broken to the negative. It’s possible that $1.86K and the 100-hour SMA may serve as the next significant support level.

Momentum is ebbing away in the positive area of the MACD for the ETH/USD one-hourly chart. The ETH/USD price currently trades at over the 60-point threshold on an hourly RSI. The $1.94K level is the primary level of support. At this point, the level of major resistance is $2K.

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