Ethereum (ETH) Price Analysis: Ether Resumes Uptrend, Faces Rejection at $2,900 Resistance Zone

Azeez Mustapha



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Key Highlights
Ethereum approaches the $2900 resistance
Ether targets the high of $3,000

Ethereum ETH) Current Statistics
The current price: $2,764.51
Market Capitalization:$321,643,104,838
Trading Volume: $27,120,759,339
Major supply zones: $2,800, $3,000, $3,200
Major demand zones: $1,800, $1,600, $1,400

Ethereum (ETH) Price Analysis June 2, 2021
Since May 24, Ethereum has been struggling to be out of downward correction. Today, the biggest altcoin is making an upward move to retest the $2,900 resistance. On May 26, buyers attempted to breach the $2,900 resistance but were repelled. The altcoin dropped to $2,200. On the upside, if the bulls break the $2,900 resistance, the uptrend will resume. Ether price will rally above the $3,200 high. Above this price level, the upside momentum will resume.

ETH/USD -Daily Chart

ETH Technical Indicators Reading
Ether is already above the 80% range of daily stochastic. It indicates that the market has reached the overbought region. Sellers are likely to emerge to push prices down. The coin is at level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day and 50-day SMAs are sloping and pointing downward indicating the downtrend.

ETH/USD – 4 hour Chart

Ethereum is in an upward move. The current uptrend is approaching the resistance at $2,900. On the 4-hour chart, the altcoin is in an upward move. Meanwhile, on May 25 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ether will rise to level 1.618 Fibonacci extension or level $3286.13

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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