tradingkey.logo
tradingkey.logo
Search

Ethereum Price Forecast: ETH could be set for a comeback as US-Iran nears agreement

FXStreetMay 21, 2026 9:08 PM
facebooktwitterlinkedin
View all comments0

Ethereum price today: $2,130

  • Ethereum holds above $2,100 as the US and Iran are reportedly nearing an agreement. 
  • BitMine's Thomas Lee says ETH could perform better if the war ends, given its strong inverse correlation with Oil prices.
  • ETH remains limited by overhead EMAs.

Ethereum (ETH) has continued to hold above $2,100 on Thursday, following reports that the US and Iran are nearing an agreement mediated by Pakistan. The deal allegedly includes a cease-fire on all fronts plus a joint monitoring mechanism in the Strait of Hormuz. Following the reports, US Oil prices slid below $100 toward $96 while the S&P 500 turned positive.

The resolution of the war could "decisively" impact Oil prices and, in turn, determine how Ethereum performs in the coming weeks, according to BitMine Immersion Chairman Thomas Lee. In a Thursday X post, Lee noted that the US Federal Open Market Committee (FOMC) highlighted the need for policy firming in the minutes of its last meeting if inflation stays above 2%.

"Higher Oil is pushing up inflation. Thus, higher Oil [equals] higher probability of Fed hikes," Lee stated. "And $ETH and crypto prices are linked to monetary liquidity. Thus, crypto will be inversely correlated to Oil."

Oil: Higher Oil = Higher probability of Fed Hikes Source: BitMine

In a separate X post on Monday, Lee argued that rising Oil prices are the biggest headwind for ETH, as the top altcoin's correlation to the commodity is at its highest. "As Oil rose in the past 6 weeks, ETH prices have fallen," Lee wrote.

However, he stated that the current inverse correlation with Oil is temporary tactical noise, claiming that ETH will perform better as the year unfolds due to stronger "structural drivers" in tokenization and agentic AI.

Market participants noted that Lee had flipped sentiment, citing previous comments in which he touted ETH as the best-performing asset since the start of the US-Iran war.

Thomas Lee's BitMine is the largest corporate Ethereum treasury, holding roughly 5.278 million ETH after another round of acquisition last week.

Ethereum Price Forecast: Potential ETH rally limited by EMAs' resistance

Ethereum has seen $47.9 million in liquidations over the past 24 hours, led by $24.2 million in long liquidations, per Coinglass data.

On the daily chart, ETH bulls have held the $2,108 support level, although prices continue to maintain a bearish near-term bias beneath the 20-, 50- and 100-day Exponential Moving Averages (EMAs) clustered from roughly $2,225 to $2,326.

This stacked configuration of overhead EMAs suggests rallies remain corrective within a broader downside phase, while the Relative Strength Index (RSI) near 38 and a subdued Stochastic reading around 21 hint at lingering, but not extreme, bearish momentum.

On the topside, initial resistance is seen at the horizontal barrier around $2,211, followed by the 20-day EMA near $2,225 and the 50-day EMA close to $2,244. A stronger cap emerges at the 100-day EMA near $2,326, ahead of a more distant obstacle at $2,388.

Chart Analysis ETH/USDT (Binance)
ETH/USDT daily chart

On the downside, immediate support is aligned near $2,108, with further cushions at $1,909 and $1,741, while deeper declines could expose the $1,524 and $1,405 levels.

(The technical analysis of this story was written with the help of an AI tool.)

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

Comments (0)

Click the $ button, enter the symbol, and select to link a stock, ETF, or other ticker.

0/500
Commenting Guidelines
Loading...

Recommended Articles

tradingkey.logo
* References, analysis, and trading strategies are provided by the third-party provider, Trading Central, and the point of view is based on the independent assessment and judgement of the analyst, without considering the investment objectives and financial situation of the investors.
Risk Warning: Our Website and Mobile App provides only general information on certain investment products. Finsights does not provide, and the provision of such information must not be construed as Finsights providing, financial advice or recommendation for any investment product.
Investment products are subject to significant investment risks, including the possible loss of the principal amount invested and may not be suitable for everyone. Past performance of investment products is not indicative of their future performance.
Finsights may allow third party advertisers or affiliates to place or deliver advertisements on our Website or Mobile App or any part thereof and may be compensated by them based on your interaction with the advertisements.
© Copyright: FINSIGHTS MEDIA PTE. LTD. All Rights Reserved.