Ethereum Eyes Volatility as May 29 Approaches—Will Bulls or Bears Prevail?

As the crypto market holds its breath, Ethereum faces a critical inflection point. Traders are split—will ETH defy gravity or buckle under pressure?

Technical indicators whisper of a brewing storm, but fundamentals hint at long-term resilience. Meanwhile, traditional finance pundits still can’t decide if crypto is ’the future’ or a ’bubble’—some things never change.

Ethereum’s price action has been slow and sideways recently, with analysts waiting for a confirmed breakout. Let’s take a closer look at what’s happening on the charts.

Ethereum Faces Strong Resistance Around $2,700 – $2,800

On the daily time frame, ethereum is struggling to break above a strong resistance area between $2,700 and $2,800. Every time the price enters this range, it faces selling pressure and gets rejected.

If ETH can manage to close candles above $2,800, it could trigger a bullish MOVE towards $3,200 – $3,300. But for now, it continues to bounce between this resistance and the support level around $2,400.

ETH Moving Sideways in a Tight Range

Ethereum’s price is currently moving sideways between $2,400 and $2,800. It has been stuck in this range for a while now, without any clear breakout in either direction.  ETH seems to be forming an ascending triangle pattern, with higher lows and a horizontal resistance NEAR $2,700.

A breakout above $2,800 could push prices towards $3,100, while a breakdown below the support line around $2,540 might lead to a drop toward $2,400 or even $2,200.

 Is Ethereum in the Final Stages of a Bullish Wave?

According to Elliott Wave analysis, Ethereum might be in the final leg of a 5th wave up which started back in April from around $1,380. Currently, it’s believed ETH is completing an A-wave to the upside. A small pullback (B-wave) could follow soon,  bringing prices down to the support zone between $1,650 and $2,170 before another possible rally.

However, If ETH can break above recent swing highs, it could confirm the bullish continuation. However, a break below $2,510 WOULD weaken the bullish case, and a drop below $2,319 would further confirm a bearish move.