Ethereum Pushes to the Upside, Targets Resistance at $2,900

May 31, 2021 at 14:36 // News
Coin Idol
Ethereum bulls have an uphill task

The Ethereum (ETH) price broke the resistance at $2,450 to resume uptrend. Since May 30, buyers have been making frantic efforts to break the minor resistance at $2,450.

Following the successful breakout, Ether price rallied on the upside to retest the resistance at $2,900. Ethereum bulls have an uphill task as they will have to push ETH to the next resistance at $2,900. The resistance at $2,900 repelled the previous uptrend. A break above $2,900 will catapult the ETH to rally above $3,200. Ether will be out of downward correction if buyers are successful. Conversely, if the bulls fail to break the $2900 resistance, Ether will fall and be compelled to a range bound move between $2,200 and $2,900. Presently, the uptrend is facing resistance at the high of $2,600.

Ethereum indicator analysis  

Ether price has broken the resistance of the descending channel. When price breaks and closes above the resistance line, the uptrend is likely to continue. The crypto is at level 45 of the Relative Strength Index period 14.  The crypto’s price is below the moving averages which suggest a possible fall of the crypto.


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 is still in a downward correction as bulls continue to push on the upside. Meanwhile,   on May 25 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that ETH will rise to level 1.618 Fibonacci extension or level $3,295.12. 

ETH - COINIDOL 2 CHART.pngDisclaimer. 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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