ETHUSD Market Update – 5/26/21

Looking at the 4-hour time frame of Ethereum we see that the falling knife is over and we caught bottom against the 1.0 Fib level placed at $2,022.

From here we only saw ETH under $2,000 for a very brief period and now we’re bouncing back up.

ETH is attempting to regain this upwards channel and breakout of this downtrend going into June.

The monthly candle for ETH is a doji and I wouldn’t expect too much of a move upwards or downwards until the new monthly candle.

Going into June though, ETH looks like it can hit $3,431 and $3,821 at the 2.618 Fib level

It will take until the end of the month going into July before Ethereum breaks through the local high and the 3.618 Fib level at $5,000 with EIP-1559 launching on July 14th which is arguably the biggest upgrade to the Ethereum network which fixes the fees and offers a predictable fee rate instead of random incentives.

As always please do your own research, I am not a financial advisor.