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Forex Analysis & Reviews: 02.05.2022

Relevance up to 06:00 2022-05-30 UTC + 00

Exchange Rates 02.05.2022 analysis

Technical outlook:

Ethereum had dropped through $ 2,700-20 mark over the weekend before finding suppport again. The earlier swing low was registered around $ 2,765 level, which has been tested marginally. Also note that prices have bounced back and are trading comfortably above $ 2,860 at this point in writing. Bulls seem to be in control now.

Ethereum is facing immediate resistance around $ 2,800-3,000, followed by $ 3,200 levels respectively. A break above $ 3,000 at least will confirm that the crypto is heading towards $ 3,800-4,000 mark going forward. The corrective drop, which had begun from $ 3,500 levels seems to be now complete around $ 2,700-20 levels.

If the above structure holds well, Ethereum bulls will remain poised to push through $ 3,800-4,000 mark in the next several trading sessions. Further, prices will stay above the $ 2,300 interim support and continue printing higher highs and higher lows from here on. A push above $ 3,000-3,200 will confirm that bulls are back in control with respect to price action.

Trading plan:

Potential rally through $ 3,800-4,000 against $ 2,100

Good luck!

* The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Oscar Ton,
Analytical expert of InstaForex
© 2007-2022

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