Daily Technical Analysis BTC & ETH — 30th May 2022

In order to support you and the crypto community with trading decisions, WenX is serving you with Daily Technical Analysis updates on BTC & ETH.

Bitcoin price formed a fresh base above the key $28,500 support zone. It remained well bid and started a fresh increase above the $29,200 resistance zone.

The price cleared the 50% Fib retracement level of the downward move from the $30,188 swing high to the $27,505 low. Besides, there was a break above a major bearish trend line with resistance near $29,200 on the hourly chart of the BTC/USDT pair.

The pair is now trading above the $29,500 level and the 100 hourly simple moving average. Bitcoin is also trading above the 76.4% Fib retracement level of the downward move from the $30,188 swing high to the $27,505 low.

An immediate resistance on the upside is near the $30,250 level. The next major resistance is near the $30,600 level. A clear move above the $30,600 resistance level might call for a trend change. The price could even clear the $31,200 resistance in the stated case. The next major resistance sits near the $32,500 level.

If bitcoin fails to clear the $30,600 resistance zone, it could start a downside correction. An immediate support on the downside is near the $30,000 level.

The first major support is near the $29,600 level. The main support is now forming near the $29,300 level and the 100 hourly simple moving average. A downside break below the $29,200 support might send the price further lower. In the stated case, the price may perhaps revisit the $28,500 support zone in the near term.

Ethereum extended decline below the $1,800 level. However, the bulls were active above the $1,700 level. The price consolidated near the $1,740 level before it started a decent upward move.

There was a clear move above the $1,800 resistance zone. Ether price surpassed the 50% Fib retracement level of the downward move from the $1,910 swing high to $1,700 base. Besides, there was a break above a major bearish trend line with resistance near $1,820 on the hourly chart of ETH/USDT.

The price is now trading well above $1,820 and the 100 hourly simple moving average. It is also consolidating above the 76.4% Fib retracement level of the downward move from the $1,910 swing high to the $1,700 base.

On the upside, an initial resistance is near the $1,900 level. The next major resistance is near the $1,920 level. A proper upside break above the $1,920 resistance might start a decent increase. In the stated case, ether price could rise towards the $2,000 resistance zone. Any more gains may perhaps send it towards the main $2,085 resistance zone.

If ethereum fails to continue higher above the $1,920 resistance, it could start a fresh decline. An initial support on the downside is near the $1,840 zone.

The next major support is near the $1,820 level and the 100 hourly simple moving average. A downside break below the $1,820 level might call for another sharp decline. In the stated case, the price could revisit the $1,720 support zone in the near term. The next major support sits near $1,700.

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