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Crypto Market 360

06/03 08:02

Ethereum (ETH) Price Analysis

Ethereum (ETH) was rejected from the $2,800 level on Thursday. As a result, the world’s second-largest cryptocurrency plunged almost 4% on Friday and has struggled to reclaim key levels. The price briefly dipped below the crucial $2,500 level but has found support at this level, with buyers attempting to reclaim $2,500 and push higher. ETH is now entering a consolidating phase, forming a low at around $2,450 and $2,500. If positive momentum returns, ETH faces resistance around $2,550-$2,600. A break above these levels could see the price retest the $2,800 level. On the other hand, a dip could cause the price to fall to $2,450 or lower.

ETH registered a sharp drop on Friday (May 23), falling over 5% to $2,527. The drop came after a substantial rally that took the price past $2,600 a day prior. Despite the drop, ETH recovered over the weekend, registering a marginal increase on Saturday and increasing almost 1% on Sunday to settle at $2,551. The price continued pushing higher on Monday, rising 0.49% to $2,564. Bullish sentiment intensified on Tuesday as ETH rose nearly 4% to reclaim $2,600 and settle at $2,662.
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ETH continued pushing higher on Wednesday, rising nearly 1% and settling at $2,683. The price raced to an intraday high of $2,791 on Thursday as buyers attempted a move past $2,800. However, it lost momentum after reaching this level and fell nearly 2% to $2,633. Bearish sentiment intensified on Friday as ETH fell almost 4%, slipping below the 20-day SMA and settling at $2,532. The price registered a marginal decline on Saturday but recovered on Sunday, rising 0.44% to $2,539. The current session sees ETH down almost 2%, having slipped below $2,500 and struggling to regain momentum.
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