Despite climbing up to $2750 on Tuesday, Ethereum failed to pass through the resistance level and had to settle back down. In the downward trend it hit $2500 yet was pivoted upwards by a good support level. On this bullish trend ETH managed to push through the $2700 to $2750 range and reach $2800. At the time of writing this article ETH stands at $2815 and is reaching towards $3000.
Taking a look at the 4-hour chart, we could see that Ethereum has successfully passed the Ichimoku cloud and despite yesterday`s pullback kept moving up. On this path, ETH managed to break the resistance level at $2700 to $2750 range and settle on $2800.
Currently the most crucial resistance level for ETH is located at the $2875 to $2900 range. Passing this point, we should expect Ethereum to hit $3000 once again. The next major resistance level will be at the $3150 to $3200 range.
On the other hand, upon failure to break the resistance level of $2900 to $3000 range, we should expect another price correction for ETH.
On the price correction path, the primary resistance level is $2700 on Tenkan-Sen. Following that, the trendline is expected to break and support the price at $2650. In the case of losing this range, the 100-hour simple moving average (SMA) at $2550 and Kijun-Sen at $2500 will be the next foremost support levels for ETH.
Ethereum Technical Indicators on June 3rd
at the time of writing this article the 4-hour MACD for Ethereum is on an upwards momentum.
the relative strength index is approximately 62 and is moving up.
ETH’s first resistance level is at $2880 to $2900 range. followed by $3000 and the $3150 and $3200 coming next.Support levels: the first support level is at $2700, then the $2650 with the $2550 to $2500 range being the next support levels for ETH.