Sign Up on MEXCETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
Last week the Ethereum(ETH) price witnessed a dramatic fall which plunged the altcoin below the $2165 support. As a result, the altcoin registered a 39% fall within a fortnight, and the recent fallout threatens further downfall. However, the ETH price currently stuck in a retest phase should validate if sellers are prepared for another leg down or not.
Key points:
- The ETH chart shows a potential bearish crossover of 50 and 100 DMA
- the $2165 support fallout would slump ETH price to June-July 2021 bottom support of $1800
- The intraday trading volume in the Ethereum is $27.3 Billion, indicating a 3.2% gain
Source- Tradingview
On May 11th, the Ethereum(ETH) price turned down from $2450 resistance and witnessed a steady correction to local support of $1800. Furthermore, the downfall registered a 27% discount on Ether, where its price action started to coil up.
The buyers attempted to bounce back from this support, but eventually, they submitted to the overhead selling pressure at the $2150 mark. As a result, the ETH price led into a consolidation range with the ultimate support at $1950.
However, the early bullish reversal with the support of a 50-period EMA challenges the 100-period EMA.
The bullish consolidation breakout will unleash the trapped momentum and drive the prices higher to the next resistance at $2250.
On a contrary note, the buyer surrendering under the overextended selling will trigger a minor pullback to $1950 before continuing the prevailing trend.
Technical indicator-
The 100 EMA slope near overhead resistance of $2150 would encourage sellers to revert the altcoin to bottom support. However, a rise in bullish would trigger the 100 EMA breakout and flip it to viable support.
A narrow range and several crossovers between the VI+ and VI- slope accentuate a range-bound rally. However, the current bullish alignment between these lines indicates that the buyers are now leading the charge.
- Resistance level- $2165, and $2500
- Support level- $1700 and $1400
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Jerome Powell Signals No Rush to Cut Rates, Bitcoin Falls
- FOMC Meeting: Fed Makes First Rate Cut of the Year, Lowers Rates by 25 Bps
- “Beyond a Centralized Exchange” Bitget CEO Unpacks Universal Exchange Vision on 7-Year Anniversary
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
