On May 30, the cryptocurrency market experienced a much-needed rebound that caused Bitcoin (BTC) to rise above $30,900 and Ether (ETH) soar 5.84% to $1,930, but analysts warn that it could be too soon to expect a change in trend.
Here is a brief summary of what various analysts are saying about the current landscape for Ether and what are the main support and resistance levels to watch out for.
A bounce from a significant support level
The May 30 bounce in Ether came as “no surprise” to market analyst and pseudonymous Twitter user Rekt Capital, that public the chart below stating that “it’s more about how much ETH will move from this point”.
Rekt Capital said:
“Technically, Ethereum could rally to ~$2,269 to turn the level into new resistance. The general idea is that whatever the outcome of this rally is, it will probably be weaker than mid-2021.”
It is possible that the price will return to USD 2,700
The insight into possible price paths for Ether was offered by cryptocurrency trader, Ace of Alts, who public the following graph that shows ETH “currently holding range lows again for the fourth time.”
The analyst said:
“If we can hold this on the 3-day chart, I can see a bounce back towards the $2,700 region throughout the summer. This area will likely act as another lower high in the downtrend. It’s very good around this level.”
Waiting for “another leg down”
While the Ether price bounce was welcomed by traders, a warning was offered by Crypto Tony, who public the chart below suggesting “never lose sight of the big picture”.
Trader said:
“Yes, things are looking good at the moment, but to me this is just a relief rally. We don’t have a broken market structure on the time frame and until proven otherwise I’m still waiting for a further leg down.” .
Based on the graph provided, another leg down has the potential to drop Ether price to the $1,500 range.
The total cryptocurrency market capitalization currently stands at $1.271 trillion and the dominance rate of Bitcoin is 45.9%.
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