Ethereum (ETH) price has started the first week of June with relatively muted movements, hovering around $2,500 despite growing anticipation in the broader crypto market. Both hourly and daily Ethereum price charts reveal critical technical structures, suggesting escalating potential for a breakout or decline this week.
Ethereum Price Analysis: Is Momentum Fading?
Daily Chart Insights
The ETH/USD daily chart shows consolidation below the 200-day Simple Moving Average (SMA) at ~$2,680, which acts as a dynamic resistance. Recent attempts to breach $2,700 failed, pushing ETH back into a tight consolidation channel.
Key Support Levels:
- 20-day SMA: $2,145
- 50-day SMA: $2,065
- Price Action: Small candlestick bodies with long wicks indicate indecision between bulls and bears.
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Hourly Chart Signals
The hourly chart paints a cautious picture:
- ETH trades below all major SMAs (20, 50, 100, 200), signaling bearish pressure.
- Immediate resistance: $2,521 (20-hour SMA) and $2,571 (50-hour SMA).
- Narrow range: $2,485–$2,520, with low volume hinting at impending volatility.
Where Is Ethereum Price Headed Next?
Using Fibonacci retracement levels from April’s low ($1,620) to May’s high (~$2,750):
| Level | Price | Significance |
|-------------|-----------|-----------------------|
| 38.2% | $2,357 | Near-term support |
| 50% | $2,185 | Critical demand zone |
| 61.8% | $2,012 | Psychological floor |
Bullish Scenario:
- Break above $2,571 → Target $2,680–$2,750.
- Sustained close above $2,750 could propel ETH toward $3,000.
Bearish Scenario:
- Drop below $2,485 → Test $2,350–$2,185.
- Loss of $2,185 opens path to $2,012.
Weekly Trading Outlook
Traders should monitor:
- $2,500 support: A hold here maintains bullish structure.
- $2,570 resistance: Short-term pivot for momentum.
- $2,750 breakout: Decisive level for trend confirmation.
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FAQ Section
Q: What drives Ethereum’s price volatility?
A: ETH reacts to Bitcoin’s stability, network upgrades (e.g., EIP-1559), and DeFi adoption trends.
Q: Is $2,000 a likely downside target?
A: Only if ETH loses $2,185; otherwise, $2,350 should act as a buffer.
Q: When might ETH reach $3,000?
A: A weekly close above $2,750 with rising volume could accelerate bullish momentum.
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