Ethereum price moves toward $2,000, but analysts say it’s just another ‘relief rally’

The cryptocurrency market saw a much-needed rebound on May 30. Bitcoin (BTC), which was above $30,900, and Ether (ETH), rose 5.84% to $1.930. However, analysts warn that it is too soon to expect a reversal.

ETH/USDT 1-day chart. Source: TradingView

Here are the views of several analysts on Ether’s future prospects and the main resistance and support levels that should be monitored.

Major support is not enough to get you going again

Market analyst Rekt Capital posted the following chart. He stated that the May 30 Ether bounce was “no surprise”.

ETH/USD 1-month chart. Source: Twitter

Rekt Capital said:

Technically, #Ethereum can rally up to $2269 in order to turn it into new resistance. The bottom line is that no matter what this rally becomes, it will likely be less than mid-2021.

Possible recovery up to $2,700

Ace of Alts, a crypto trader, provided insight into possible price trajectories of Ether. He posted the following chart showing that ETH is “currently holding its range lows again for 4th time.”

ETH/USD 3-day chart. Source: Twitter

Ace of Alts:

“IF we can hold this on 3D, I could see a bounce at the $2700 region in the summer. This area will likely be another LH [lower higher] in the downtrend. The R/R [risk/reward] at this level is excellent.”

Related: Industry experts agree that market-cleansing bear seasons are healthy

Looking for “one more leg down”

The Ether price rebound was welcomed by traders. Crypto Tony posted the following chart and warned that traders should not lose sight of the larger picture.

ETH/USDT 1-day chart. Source: Twitter

Crypto Tony:

“Yes, things look good at the moment but for me, this is just a relief rally. There is no market structure that has been broken in the given timeframe and I will continue to look for another leg down until it is proven otherwise.

The chart shows that Ether could drop by one leg if it is not taken care of.

The total cryptocurrency market capitalization is now at $1.271 trillion. Bitcoin’s dominance rate of 45.9%.

com. You should do your research before making any investment or trading decision.

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