Ethereum Price Analysis – ETH Rebounds From $2,000 Support To Meet Resistance at $2,800 – Can It Break Above?

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Ethereum price $2,594 Key ETH resistance levels $2,640, $2,800, $2,922, $3,000, $3,200 Key ETH support levels $2,420, $2,150, $2,000, $1,866, $1,800

*Price at the time of writing

Ethereum saw a powerful 15.5% price rebound today as the buyers start to attempt a recovery from the disastrous month of trading in May, in which ETH dropped around 63% from high to low. More specifically, ETH did manage to find support near the $2,000 level and has since rebounded from that level. 

Despite the huge price collapse seen in May, it seems that Ethereum mining revenue is set for record-breaking heights this month. Data from The Block shows that mining revenues have now surpassed the $2 billion level and have overtaken the $1.65 billion record set last month:

Around $967 million of this revenue is from transaction fees as miners have to facilitate the transaction on the Etheruem network. The rest of the revenue is derived from block subsidies in which miners earn a certain number of ETH for each new block found.

As discussed in the intro, the month of May has been pretty disastrous for Ethereum. The huge price drop seen in the month caused a sudden surge in Social Volume for the asset. Data from Santiment shows that the total Social Volume has now surpassed the peaks seen during the last bull cycle:

As you can imagine, the sentiment for ETH has now started to turn pretty bearish again as the weighted sentiment derived from Twitter mentions turns negative again:

Unfortunately, it seems that exchange inflows continue to pile up as the metric set a new yearly high on Sunday:

It shows the total number of Ethereum entering exchanges saw a huge spike, indicating that traders are positioning themselves to sell their ETH in the event of a further decline.

Lastly, the 30-day MVRV is now sitting at -12%, indicating that all ETH purchased in the past 30-days are now sitting at a loss:

Ethereum remains the 2nd largest cryptocurrency asset as it currently holds a $305 billion market cap value.

Let us continue to take a look at the markets and see where they might be heading.

Ethereum Price Analysis

What has been going on?

Taking a look at the daily chart above, we can see that Ethereum managed to find solid support at the .786 Fib Retracement level at $2,075 over the weekend. The cryptocurrency did spike as low as $1,715 during the session, but the buyers regrouped to allow the daily candle to close above the .786 Fib support.

It is also worth mentioning that a long-term rising trend line further bolstered this level.

It bounced higher from $2,000 yesterday as ETH broke above the 100-day EMA level at $2,400 and reached the resistance at $2,658, provided by a bearish .382 Fib Retracement. Today, the buyers attempted to break this resistance as they reached as high as $2,800 (50-day EMA) but are still struggling to remain above $2,658.

Ethereum price short term prediction: Neutral

Etheruem has to be considered neutral right now. The coin would need to break back above $3,000 before we can start to consider a bullish market again. On the other side, it would still need to break beneath $1,800 (200-day EMA) before we can confirm a bearish market.

Looking ahead, the first level of solid support lies at $2,400 (100-day EMA). This is followed by $2,075 (.786 Fib), $2,000, $1,800 (.886 Fib & 200-day EMA), and $1,715 (May lows).

Where Is The Resistance Toward The Upside?

On the other side, the first solid resistance lies at $2,658 (bearish .382 Fib Retracement). This is followed by $2,800 (50-day EMA), $2,950 (bearish .5 Fib Retracement & 20-day EMA), and $3,000.

Beyond $3,000, added resistance lies at $3,242 (bearish .618 Fib Retracement), $3,657 (bearish .786 Fib Retracement), $3,905 (bearish .886 Fib Retracement), and $4,000.

What has been going on?

ETH is performing relatively well against BTC itself. It did spike as low as ₿0.055 on Sunday but quickly rebounded from there to close the daily candle above support at ₿0.0601 (.5 Fib).

Yesterday, ETH rebounded to break resistance at ₿0.065, and it has continued higher today to reach as high as ₿0.07.

Ethereum price short term prediction: Bullish

Ethereum is still considered bullish against Bitcoin in the short term. To turn neutral, it would need to fall beneath ₿0.055 (50-day EMA). It would have to fall further beneath the support around ₿0.04 (.886 Fib Retracement & 200-day EMA) to be in danger of turning bearish in the short term.

If the sellers push lower, the first support lies at ₿0.065 (.382 Fib Retracement). This is followed by ₿0.06 (.5 Fib Retracement), ₿0.057 (50-day EMA), the rising trend line, and ₿0.0548 (.618 Fib Retracement).

Additional support lies at ₿0.05 and ₿0.0473 (.786 Fib Retracement).

Where Is The Resistance Toward The Upside?

On the other side, the first level of resistance lies at ₿0.07. This is followed by ₿0.075, ₿0.08, and ₿0.0826 (1.618 Fib Extension). Beyond the May highs, resistance lies at ₿0.085, ₿0.0886 (1.272 Fib Extension), ₿0.09, and ₿0.0918 (1.414 Fib Extension).

Keep up to date with the latest ETH price predictions here.

Previous ETH analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here’s 3 of our most recent articles about the price of Ethereum:

• Ethereum Price Analysis – ETH Finds Support At 100-day EMA – Will It Prevent Further Declines? (Bullish)
• Ethereum Price Analysis – ETH Sees Strong Support At .5 Fib – Will It Bounce From Here? (Bullish)
• Ethereum Price Analysis – ETH Breaks $4,000 After 99% Monthly Surge – $5,000 This Week? (Bullish)

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