Like Bitcoin, Ethereum had a nice rally over the weekend after reclaiming $1,835.
You can see where ETH tested that level as support on the 28th before continuing toward $1,887.
You should be very familiar with these levels if you follow me on Twitter, as I’ve posted them a few times in May.
So far, Ethereum is holding above $1,887 on a 4-hour closing basis, which exposes the $1,960 resistance area.
There’s also a large cluster of short liquidations in the $1,960 region.
Liquidation clusters like this often serve as magnets for price.
That alone could trigger another rally from Ethereum, making the recent consolidation a continuation pattern.
To be fair, there’s also a decent block of ETH long liquidations at $1,830.
So really this could go either way, especially as we enter the final 24 hours of the month.
But the determining factor in whether we see $1,960 or $1,835 first will be the $1,887 level.
As long as ETH holds above that on a 4-hour closing basis, the next resistance and liquidation pool is $1,960.
Conversely, a sustained break on the 4-hour time frame below $1,887 would confirm this consolidation as a deviation and open up $1,835.
Either way, expect erratic price action from the crypto market as we enter the final 24 hours of May.
