Bitcoin and Ether Market Update June 3, 2021
The price of the Ethereum Project token ETH continued to strictly follow the technical indicators and trend-defining formations on all timeframes.
On Sunday, May 30 it hit a weekly low of $2,170, touching the lower end of the long-term uptrend corridor. Earlier in the week, the coin touched the meeting point of the horizontal resistance, the 21-day EMA, and the newly formed diagonal line at $2,900, which triggered a 20+ percent selloff.
The ether added 14.4 percent up on a weekly basis, rebounding perfectly from the 21-day EMA on the bigger timeframe.
On Monday, the ETH/USD pair resumed the uptrend rally and reached the $2,700 mark while breaking the $2,500 S/R line. It ended the month of May 2.5 percent lower compared to the previous 30-day period.
On the very next day, the coin made a short retrace, during which the mentioned line was successfully re-tested.
The third day of the workweek was a continuation of the upward movement. The leading altcoin was trading as high as $2,800 but closed the session at $2,700.
The altcoin market is in green midday on Thursday. ETH is hovering around $2,860.
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