Ethereum (ETH) Price Prediction for May 29

Ethereum Sees Modest Gains Despite Overall Market Downturn

While most cryptocurrencies are struggling today, Ethereum (ETH) has defied the trend with a 2.34% price increase since yesterday, according to CoinStats. However, the digital asset's recent upward momentum has encountered resistance, leaving its future trajectory uncertain.

Ethereum currently trades at $2,711 after hitting a local resistance level of $2,788. If this trend continues, the cryptocurrency may test its support level by tomorrow. On a broader timeframe, ETH successfully breached the $2,738 resistance but has struggled to maintain stability above this critical level.

Should today's trading session close significantly below $2,738, bearish pressure could return, potentially driving prices down to the $2,600-$2,650 range. From a medium-term perspective, market watchers will focus on the weekly closing price relative to the $2,738 level. A sustained breakout above this threshold could set the stage for a push toward the psychologically important $3,000 mark.