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

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On Might 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 may very well be too early to anticipate 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 transferring ahead and the main assist and resistance ranges to keep watch over.

A bounce off of main assist

The Might 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 stated:

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

Attainable restoration to $2,700

Perception into the potential worth trajectories for Ether was provided 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 stated:

“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 more than likely act as one other LH [lower high] within the down development. Nonetheless, the R/R [risk/reward] is excellent round this stage.”

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Searching for “yet another leg down”

Whereas the bounce in Ether worth was a welcome sight to merchants, Crypto Tony provided 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 stated:

“Sure issues are trying good in the meanwhile, however to me that is merely a reduction rally. Now we have no damaged market construction on the timeframe and till confirmed in any other case I’m nonetheless on the lookout for yet another leg down.”

Primarily based on the chart offered, 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 here are solely these of the writer and don’t essentially replicate the views of Each funding and buying and selling transfer includes danger, it is best to conduct your personal analysis when making a choice.