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...