Ethereum’s breakout above 2900

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4 June 2021 | Updated: 4 June 2021

Key support: 2670
Key Resistance: 2900 – 3230 – 3645

After Ethereum’s drop from all time highs (-60.7%) the 2000 to 1700 level held nicely, being retested and rejected twice (May 19th and May 23rd) but buying in such a strong bearish  move was risky.

On May 30th, Ethereum printed a new higher low signaling a possible reversal from that massive key level and breaking out of the mid term bearish structure.

Our validation level is a break of the previous week’s highs (2900 level) which was the level that saw sellers jump in after the first rejection of the 2000-1700 zone.

Momentum is on our side and the immediate bullish structure has given us an amazing risk to reward opportunity on this breakout. Our SL are tight and just below yesterday’s highs. If you ant to be more conservative on your position you can set your SL below Tuesday’s lows just shy of the 2500 level.

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