The price of ETH has bounced off a key support level and while the short-term target could be $2,000, most analysts say this is just a “help rally”.

On May 30, the cryptocurrency market experienced a much-needed upswing with Bitcoin (BTC) climbing above $30,900 and Ether (ETH) climbing 5.84% to $1930, but analysts warn it may be too early to expect a reversal.

ETH/USDT 1-day chart. Source: Trading View
Here’s what a few analysts have to say about Ethereum’s future outlook and key support and resistance levels to keep an eye on.

Bounce off big support
Ethereum’s rise on May 30 “came as no surprise” to market analyst and Twitter user Rekt Capital, who posted the chart below, stating, “It’s more about how much #ETH will move from here.”

ETH/USD monthly chart. Source: Twitter
Rect Capital said:

“Technically, #Ethereum could rise to ~$2269 to turn it into new resistance. The general implication is that this rally is likely to be weaker than it was in mid-2021.”
Possible Recovery to $2,700
Crypto trader Ace of Alts provided insight into Ethereum’s possible price action by posting the chart below, which shows that ETH is “currently holding the bottom of the range again for the fourth time.”

3-day ETH/USD chart. Source: Twitter
Ace of Alts said:

“If we manage to keep it in 3D, I might see a jump around $2,700 in the summer. This area is likely to act as another LH [lower high] in a downtrend. However, the R/R [risk/reward] ratio at this level is very good.”
Related: Industry experts say bearish cycles of market shake-ups are healthy

Looking for “one more foot down”
While the rise in Ethereum prices was a welcome sight for traders, cryptocurrency Tony warned as a precaution, posting the chart below and warning to “never lose sight of the bigger picture.”

ETH/USDT 1-day chart. Source: Twitter
Crypto Tony said:

“Yes, everything looks good now, but for me it’s just a consolation. We don’t have a broken market structure on the time frame and until proven otherwise, I’m still looking for another downside.”
Judging by the presented chart, a further downtrend can lead to a drop in the price of Ether to the level of $1,500.

The total market capitalization of the cryptocurrency is currently $1.271 trillion, and the Bitcoin dominance rate is 45.9%.

Source: CoinTelegraph

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