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Ethereum price analysis: ETH pivots at $2,000, swift drop incoming?

Ethereum Price analysis 2022 05 31
TL;DR Breakdown
  • Ethereum price analysis is bearish today.
  • ETH/USD saw reaction at $2,000 yesterday.
  • Bears currently taking over the momentum.

Ethereum price analysis is bearish today as we expect decline to follow after a strong rally to the $2,000 major resistance. ETH/USD will likely look to drop even further as another swing lower high has been set.

Ethereum price analysis: ETH pivots at $2,000, swift drop incoming? 1
Cryptocurrency heat map. Source: Coin360

The market still trades in the green over the last 24 hours. The leader, Bitcoin, gained 2.71 percent, while Ethereum gained 2.42 percent, despite a reaction lower over the past hours. Meanwhile, Cardano (ADA) is the top performer, with over 15 percent spike higher.

Ethereum price movement in the last 24 hours: Ethereum begins to retrace

ETH/USD traded in a range of $1,888.84 to $2,005.49, indicating substantial volatility over the last 24 hours. Trading volume has increased by 29.65 percent, totaling $19.3 billion, while the total market cap trades around $235.3 billion, resulting in a dominance of 18.15 percent.

ETH/USD 4-hour chart: ETH is on its way below $1,900

On the 4-hour chart, we can see selling pressure taking over today as bulls are exhausted after spiking to the $2,000 major resistance.

Ethereum price analysis: ETH pivots at $2,000, swift drop incoming?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen increased volatility over the past days as the previous consolidation range was broken. After ETH/USD broke past $1,900, selling took place until the $1,700 mark was reached on Friday.

From there, a slow reversal followed over the weekend. On Sunday, ETH saw a healthy push higher, eventually leading back to the $2,000 major resistance.

Since then, the $2,000 mark has offered clear resistance. Ethereum price has already started to pivot and show the first bearish signs, meaning that another drop should follow over the next days.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen the end of the previous advance at the $2,000 major resistance. Overnight, selling pressure returned, leading to the first tests of downside earlier today.

While waiting for Ethereum to move further, see our Price Prediction on WINkLink, BTCZ, and Tectonic.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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