ETH Price Analysis: ETH Blasts to $3000 But Major Resistance Is Approaching

Published May 3, 2021 | Updated May 3, 2021

In Brief
  • ETH price rises 30% in the last week to new ATH
  • Price is now met with multi month resistance line
  • ETH has been stuck within a channel for nearly 2 months

ETH Price Analysis: ETH Blasts to $3000 But Major Resistance Is Approaching

  • ETH price rises 30% in the last week to new ATH
  • Price is now met with multi month resistance line
  • ETH has been stuck within a channel for nearly 2 months

Ethereum has shown its strength the last week as it rocketed from a low of $2141 to $3000. ETH is known as the powerhouse for DeFi and the price is finally showing who is boss. Ethereum has severely outperformed BTC the last weeks rising nearly 75% against BTC the last month. This rally may soon be coming to a halt as price has reached major resistance levels. 

ETH has been riding within a large broadening wedge for all of 2021 (Bold black lines). Within this wedge, ETH price has created an ascending channel which has been respected for the last 2 months. The price is now approaching both top trends as it nears $3000. These top trends have rejected the price each time ETH reaches it. This time should be no different. Minor support to watch as a retracement target is $2800. 

ETH Price Analysis: ETH/USDT 1 Day Chart

ETH has now doubled its previous high of $1500 in 2018. If ETH manages to break and hold the major resistance of $3000, this uptrend may continue for longer but this is unlikely. If bears manage to take control, $2800 is a minor support but it isn’t a well respected area just yet. In the case that ETH cannot hold $2800 , the next support is around the $2500 price level. 

While looking at the RSI, we can conclude the strength is now in overbought levels. This tells us ETH is in parabolic mode but soon will see retracement below 70. The Stochastic RSI tells a similar story as it is also riding in overbought levels. Strength is maxed out on both indicators and a retracement Is soon to come.

ETH intraday levels 

  • Spot rate: $2995
  • Trend: Bullish
  • Volatility: High
  • Support: $2800
  • Resistance: $3000
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.
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Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.
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