Ethereum Price Prediction For May 29

The post Ethereum Price Prediction For May 29 appeared first on Coinpedia Fintech News Ethereum’s price action has been slow and sideways recently, with analysts waiting for a confirmed breakout. Let’s take a closer look at what’s happening on the charts. Ethereum Faces Strong Resistance Around $2,700 – $2,800 On the daily time frame, Ethereum is struggling to break above a strong resistance area between $2,700 and $2,800. Every time the price enters this range, it faces selling pressure and gets rejected. If ETH can manage to close candles above $2,800, it could trigger a bullish move towards $3,200 – $3,300. But for now, it continues to bounce between this resistance and the support level around $2,400. ETH Moving Sideways in a Tight Range Ethereum’s price is currently moving sideways between $2,400 and $2,800. It has been stuck in this range for a while now, without any clear breakout in either direction. ETH seems to be forming an ascending triangle pattern, with higher lows and a horizontal resistance near $2,700. A breakout above $2,800 could push prices towards $3,100, while a breakdown below the support line around $2,540 might lead to a drop toward $2,400 or even $2,200. Is Ethereum in the Final Stages of a Bullish Wave? According to Elliott Wave analysis, Ethereum might be in the final leg of a 5th wave up which started back in April from around $1,380. Currently, it’s believed ETH is completing an A-wave to the upside. A small pullback (B-wave) could follow soon, bringing prices down to the support zone between $1,650 and $2,170 before another possible rally. However, If ETH can break above recent swing highs, it could confirm the bullish continuation. However, a break below $2,510 would weaken the bullish case, and a drop below $2,319 would further confirm a bearish move.

Source: coinpedia