Ethereum (ETH) Price Analysis – May 30
On a gradual move, Ethereum is approaching the much-anticipated $300, surging $10 above the monthly high near the $290 against the USD. However, ETH/BTC market slightly broke up the falling channel which may be considered as a bullish breakout. If it turned false, the 0.03BTC might be retested. As of now, ETH markets have dropped by 0.5%.
Resistance levels: $290, $300
Support levels: $250, $230
Ethereum has finally pushed $10 above the monthly high, bringing the new price at around the $290 before witnessing a sudden price drop near the $260, closing the lower channel and the 50MA that has been supporting the market since the beginning of May. The sharp drop was revealed on the 4-hours RSI, facing the 50 level – solid support for the market for the past four weeks.
If the market significantly drops below the channel, the $250 and $230 supports would be quickly tested before locating subsequent support levels. This may lead to a bearish scenario as the sellers gain control of the market. Meanwhile, the $290 and $300 is the key price target for the bulls’ side. As of now, the ETH market remains within a wedge.
Against the Bitcoin market, Ethereum has carved a bull flag pattern as trading holds within a channel boundary after the surge in volatility that hit the 0.0348BTC on May 16 before the decline started. The bigger picture is revealed on the 4-hour RSI as the market currently level at the 50 level, amounting to the retracement move after the significant price break that touched the 0.033BTC resistance earlier today.
As we can see from the 4-hour chart, the selling pressure was supported by both the important 21MA and the 50MA, testing the upper trend line as well. However, a bounce up could retest the 0.033BTC before visiting the May 16 drop area at 0.0348BTC. if the moving averages fail to hold selling pressure, ETH market may fall back into the channel boundary, locating the 0.03BTC support and beyond.
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