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Ethereum Price Forecast – ETH/USD Consolidates, Eyes on a Breakout

The ETH/USD crypto pair has failed to continue above $2,900 against the US Dollar. ETH price corrected gains, and it is now trading near a m

Arslan Butt•Thursday, May 27, 2021•2 min read
Ethereum - ETH/USD Chart
 

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The ETH/USD crypto pair has failed to continue above $2,900 against the US Dollar. ETH price corrected gains, and it is now trading near a major support at $2,70 and the 100 hourly SMA. ETH/USD extended its recovery wave above the $2,800 and $2,850 resistance levels earlier in the day. It even pushed above the $2,900 level and settled nicely above the 100 hourly simple moving average. But, it failed to break above the $2,900 level. The buyers tried two times to push the price above the $2,920 level, but they failed. It is also worth recalling that the recent high was formed near $2,912 before the price started a downside correction.

However, the reason for the selling bias around the pair could be attributed to the stronger US dollar. The broad-based US dollar succeeded in extending its early-day bullish run-up and recovered from early January lows. The dollar has lifted from emerging views. The Federal Reserve is slowly but surely edging towards a discussion about tightening monetary policy. Meanwhile, the downbeat market trading sentiment has also been playing its major role in underpinning the safe-haven US dollar. Therefore, the gains in the US dollar were seen as one of the key factors that kept the ETH/USD pair under pressure.
Ethereum - ETH/USD Chart

ETH/USD Daily Technical Levels

S3 1972.86
S2 2267.56
S1 2441.76
Pivot Point 2562.26
R1 2736.46
R2 2856.96
R3 3151.66
ETH/USD is trading bullish at the 2,915 level, facing resistance at the 3,004 level. On the 4-hour chart, the pair has violated the double top resistance that was extending a solid hurdle around 2,740 levels. For now, the exact resistance level is working as support at 2,740 levels. The RSI and MACD indicators support the bullish trend in Ethereum. The idea is to stay bullish over 2,739 areas today to target the 3,004 level. Good luck!
 

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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