Ethereum has become impulsive and non-volatile after rejecting $2,900 to $2,800 resistance level. Ethereum bears holding the bearish momentum below $2,500 price area. What is next? ETH to decline further lower in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s ETH/USD Technical Analysis.
May 28, 2021, | AtoZ Markets – Ethereum price fall today morning during the Asian session against the U.S. Dollar. After breaking below $2,900 to $2,800 support level, the bears pushed the price downside impulsively and reached April 2021’s low. However, the bears failed to sustain the bearish pressure below $2,000 to $1,850 support level and bounced upside. Ethereum is currently trading around $2,500 area and trying to push downside. As per the current price action, the price may face strong support around $2,500 to $2,400 area in the coming days.
Ethereum Bears Holding the Momentum as the Resistance Level Working Strongly
ETH is currently residing near $2,500 area and trying to push lower. However, the price also broke below the dynamic level on the intraday chart.
Image: ETH 4 Hour Chart
According to the 4-hour chart, Ethereum bears holding and currently trading around $2,500 area. As per the current price action, if the price can bounce higher from $2,500 to $2,400 support level with an impulsive bullish candle, the price may recover higher towards $2,800 to $2,900 area again in the coming days. On the contrary, if the price can break below $2,500 to $2,400 support level with an impulsive bearish candle, the bears may sustain the bearish pressure towards $2,000 to $1,850 area in the process.
Furthermore, the dynamic level of 20 EMA is currently residing above the price. So, it may work as strong resistance to push the price downward. Also, the MACD lines are currently residing above the 0.00 level and had a bearish crossover. It indicates that the bears may continue further lower in the days ahead.
ETH Bulls May Regain Momentum
According to the daily chart, Ethereum bears holding momentum, but the bulls are still optimistic. As per the current scenario, if the price bounced upward from $2,400 to $2,500 support level and had a daily bullish candle close above $2,800 to $2,900 area, the bulls may regain momentum and push the price higher towards $4,000 to $4,250 key area in the coming days.
Image: ETH Daily Chart
In addition, the dynamic level of 20 EMA is still residing above the price. Along with the Kijun line. So, the bulls may regain momentum if the price can break above the dynamic level and the Kijun line in the days ahead. However, the Kumo Cloud is still holding the price as strong support. It indicates that the bulls may regain momentum in the process.
To conclude, as long as the price residing above the Kumo Cloud, the bias will remain bullish. An impulsive daily close is needed to identify the definite momentum in the coming days.