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

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 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 transferring ahead and the foremost help and resistance ranges to keep watch over.

A bounce off of main help

The Might 30 bounce in Ether got here as “no shock” to market analyst and pseudonymous Twitter person 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. Normal gist is that no matter this rally turns into, it would seemingly be weaker than mid-2021.”

Potential restoration to $2,700

Perception into the potential worth trajectories for Ether was supplied by crypto dealer Ace of Alts, who posted the next chart exhibiting ETH “presently 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 probably act as one other LH [lower high] within the down pattern. Nevertheless, the R/R [risk/reward] is excellent round this stage.”

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In search of “yet one more 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 for the time being, 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 one more 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 charge is 45.9%.

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