Ethereum price moves toward $2,000, but analysts say it’s just another ‘relief rally’

On Could 30, the cryptocurrency market skilled a much-needed bounce that noticed Bitcoin (BTC) climb above $30,900 and Ether (ETH) rally 5.84% to $1,930, however analysts warn that it might be too early to count on a reversal.

ETH/USDT 1-day chart. Supply: TradingView

Right here’s a take a look at what a number of analysts are saying in regards to the outlook for Ether shifting ahead and the foremost help and resistance ranges to control.

A bounce off of main help

The Could 30 bounce in Ether got here as “no shock” to market analyst and pseudonymous Twitter consumer Rekt Capital, who posted the next chart, stating that “It is extra about how a lot #ETH will transfer from right here.”

ETH/USD 1-month chart. Supply: Twitter

Rekt Capital mentioned:

“Technically, #Ethereum might rally to as excessive as ~$2269 to flip it into new resistance. Basic gist is that no matter this rally turns into, it is going to seemingly be weaker than mid-2021.”

Attainable restoration to $2,700

Perception into the doable worth trajectories for Ether was supplied by crypto dealer Ace of Alts, who posted the next chart exhibiting ETH “at the moment holding the vary lows once more for the 4th time.”

ETH/USD 3-day chart. Supply: Twitter

Ace of Alts mentioned:

“IF we handle to carry this on the 3D I might see a bounce to the $2,700 area over summer time. This space will almost definitely act as one other LH [lower high] within the down pattern. Nevertheless, the R/R [risk/reward] is superb round this stage.”

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On the lookout for “yet another leg down”

Whereas the bounce in Ether worth was a welcome sight to merchants, Crypto Tony supplied a phrase of warning, posting the next chart and warning to “by no means lose sight of the larger image.”

ETH/USDT 1-day chart. Supply: Twitter

Crypto Tony mentioned:

“Sure issues are trying good in the mean time, however to me that is merely a aid rally. We’ve got no damaged market construction on the timeframe and till confirmed in any other case I’m nonetheless in search of yet another leg down.”

Based mostly on the chart supplied, one other leg down has the potential to drop the worth of Ether into the $1,500 vary.

The general cryptocurrency market capitalization now stands at $1.271 trillion, and Bitcoin’s dominance price is 45.9%.

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Each funding and buying and selling transfer entails threat, it’s best to conduct your individual analysis when making a call.