The value of Bitcoin as well as the most promising and best performing digital assets came crumbling down during the weekend. With Higher volatility came sharp declines due to which even though the coins were enrouting recovery they failed to hold on to it. While it’s important to hold on to the belief that the market will rise upwards it is also advised to remain cautious.
Having said that with the highly dramatic Bitcoin price plunge, is the spotlight back on Ethereum?
The popularity of blockchain-based financial services, as well as a major upgrade in its technology that is currently ongoing and will bring a tectonic upheaval in the way Ethereum functions.
Ethereum (ETH) Price Gains Traction!
As for the second-largest cryptocurrency, Ethereum, May has been quite of a rollercoaster as it hit its all-time high of $4400 but it also visited below the $2000 range twice. With encountering losses this weekend ether seems to have lost momentum while hovering around the $2200 mark. Ethereum also saw a significant correction, going from $4,400 to $1,750. Since then, however, an upward trend has emerged, and ETH Price has progressively risen to current values of $2,900.
Much like a bearish showdown, Ethereum ended the month by closing at $2700. The beginning of the new week of trading has already generated significant gains for Ether, allowing bulls to push the price higher. The $2,700 barrier has been tried, but not broken.
Right now, ETH appears to be forming a higher low pattern. The relatively equal peaks have created a highly bullish ascending triangle on the upside. A breakout is imminent if the price cracks resistance. Ethereum might swing 36% higher from the hurdle at $2,900 and touch highs of $4,000.
The first resistance lies at $2,684.82. This is followed by 2,732.17 USD and 2,818.84 USD. On the other side, the first support now lies at 2,565.91 USD. This is followed by 2,455.95 BTC, 2,375.30.
At Present, if Ethereum fails to clear the $2,700 and $2,750 resistance levels, it could start a downside correction. Initial support on the downside is near the $2,600 zone and the channel trend line.
Support from the broader market, on the other hand, would be required for Ethereum to reclaim the $2,800 level. A breakout is anticipated for Ethereum after facing certain rejections at $3000. Also, a break above $2900 will be required to form a strong base for the uptrend at $4000. At the time of writing, ETH Price is $2,602.