ETH/USD is trading around $2,847 as of May 31, 2026, consolidating within a symmetrical triangle pattern on the daily chart after a sharp recovery from the $2,210 cycle low seen in mid-March. Immediate support sits at $2,780 (20-day EMA confluence), with stronger structural support at the $2,620–$2,650 zone where the 200-day MA aligns with a key horizontal level. On the upside, resistance clusters between $2,940–$2,980 (prior swing high and upper triangle boundary), with the next significant hurdle at $3,180 (February consolidation zone). RSI on the daily timeframe reads 56.4, cooling from overbought conditions seen in early May, suggesting room for further upside without immediate exhaustion. The MACD histogram remains positive with a bullish crossover intact on the daily, though momentum is flattening — a potential caution flag ahead of the resistance test. On the 4H chart, ETH is riding above both the 50 and 100 EMA, a constructive sign. On-chain metrics show rising staking inflows and exchange outflows trending upward, indicating accumulation behavior. The ETH/BTC ratio has stabilized near 0.0268 after months of underperformance, hinting at a potential rotation play. Gas fee activity has ticked higher over the past week, suggesting renewed DeFi and NFT ecosystem engagement. A clean break and daily close above $2,980 would trigger a measured move target of approximately $3,350. Failure to hold $2,780 on a daily close basis opens a retest of $2,620. Broader macro tailwinds — including a softer DXY and anticipation of ETH spot ETF options expansion — provide a favorable backdrop heading into June.

This is not financial advice. Content is AI-generated.