Price Analysis

Ethereum Price Smashes The Barriers, $5000 May Be On Cards This June!

Highlights

    Ethereum price retest the upper resistance levels for the third time and a breakout may lead the price above $3000

    The price however, is experiencing a slight pullback, yet a steep long jump appears to be imminent

Ethereum price which showcases a slow yet steady bull run is on the verge to break the upper barriers soon. The ETH price has initially tested the levels a couple of times, woefully got rejected and slipped to the levels below $1800. However, the asset regained the bullish momentum and initiated a recovery soon.

Currently, the price is on the verge of testing crucial levels and hence a breakout is mandatory. According to a popular analyst Micheal van de Poppe, if the current levels are tested successfully,then the next stop would be above $3000.

As per the chart posted by the analyst, ETH held the below support zones strongly at $1974 and $2147 during the previous dumps. The resistance levels remained the same whereas the support levels raised subsequently. Moreover, multiple rejections at resistance levels have strengthened them in order to become pivotal zones. Hence a strong breakout is the need of an hour.

Also Read: Ethereum Price Rally Faced The Most Insane Monthly Close, What’s Next?

Ethereum Price Manifest A Huge Bullish Momentum

Ethereum price after the steep fall is experiencing a roller coaster ride with extreme volatility, yet recovering in a short time. The price trend is seen within a flat bottom triangle in a 4-hour chart, poised to break the upper levels of the triangle soon.

eth chart

At the time of writing, the Ethereum price is $2,792.12 with a jump of 1.94% in the past 24 hours. The was very close to $2,900 levels, but again faced a pullback below $2800. Therefore landing the ETH price bull rally under the misty clouds.

Technical Specifications

  • The resistance levels are very close at $2886 and later at $3568 
  • The support levels are at $2663
  • The indicators point out towards a buy signal
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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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