Ethereum Rebounds above $1,750 Low, Resumes Upside Momentum

May 24, 2021 at 14:30 // News
Coin Idol
Ether is likely to be out of downward correction

Yesterday, Ethereum fell to the low at $1,750 and commenced the resumption of the uptrend. Today, the biggest altcoin has risen and it is approaching a high of $2,500.

Ether is likely to be out of downward correction if buyers push the altcoin above the $3,200 support. Alternatively, if the price breaks above the moving averages, ETH/USD will resume upside momentum. The current uptrend is likely to face resistance at the high of $3,000 or $3,500. Ether will regain its bullish momentum when these resistances are breached. However, in the previous price action, Ether faced resistance at the $3,000 high. This caused the altcoin to fall to $1.750 low. Nonetheless, if another rejection occurs, ETH/USD will be range-bound for a few more days. 

Ethereum indicator analysis  

Ether’s price is below the 21-day and 50-day SMA which indicates that the price is in the bearish trend zone. It is also capable of falling on the downside. Also, the altcoin is at level 41 of the Relative Strength Index period 14. The altcoin is also above the 70% range of the daily stochastic. This indicates that the market has bullish momentum.


Technical indicators:  

Major Resistance Levels – $4,000 and $4,500

Major Support Levels – $2.500 and $2,000

What is the next direction for Ethereum? 

Ethereum has resumed the upward move after finding support above $1,750. From the price action, Ether reversed almost at the 2.618 Fibonacci retracement level. On May 19, the long candlestick tail has indicated that $2,000 is a strong support level. We expect Ether to rise to the previous highs.


Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.

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