Ethereum
$2,365.58 -0.82%
ETH · 2w

Ethereum Price Analysis: After Dip To $2200, ETH Forming Symmetrical Triangle - Breakout Soon?

ETH/USD – Ether Trades In Short Term Symmetrical Triangle

Key Support Levels: $2330, $2200, $2035.

Key Resistance Levels: $2470, $2650, $2740.

While Bitcoin rebounded to $40K and got rejected earlier this week, ETH topped reaching nearly $2900, where it hit resistance at a bearish .382 Fib. From there, the coin started to head lower over the past few days until finding support at around $2200 (.618 Fib) just a few hours ago.

Looking at the following lower time frame chart, ETH is trading inside a symmetrical triangle pattern over the week, as it rebounded from the lower boundary earlier today while reaching $2200 support. The apex of this triangle extends into early June, when a breakout in either direction can still be expected at any moment.

ETH/USD Daily Chart. Source: TradingView ETH/USD 4-Hour Chart. Source: TradingView ETH-USD Short Term Price Prediction

Looking ahead, the first resistance lies at $2470. This is followed by $2650 (upper angle of the triangle), $2740, and $2980 – $3K (50-day MA & bearish .382 Fib).

On the other side, the first support lies at $2330 (.5 Fib & 100-day MA). This is followed by $2200 (.618 Fib and today’s low), $2035 (Feb 2021 highs), $2000, and $1888.

The daily RSI is now pointing upward again as it looks to head back toward the midline. For a bullish breakout of the short-term triangle, the RSI must push above the 50 mark to increase the bullish momentum.

ETH/BTC – Bulls Find Support At .5 Fib Level

Key Support Levels: 0.067 BTC, 0.0648 BTC, 0.0627 BTC.

Key Resistance Levels: 0.07 BTC, 0.0737 BTC, 0.075 BTC.

Ethereum rebounded from 0.06 BTC at the start of last week and pushed as high as 0.0737 BTC earlier this week. There, it met resistance at a bearish .618 Fib and could not overcome the level.

As a result, ETH/BTC headed lower over the past few days until support was found at 0.0648 BTC (.5 Fib) yesterday. It has since bounc...

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