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Ethereum Price Prediction – After Touching $246, ETH/USD Makes a Quick Turn Towards the South

ETH Price Prediction – June 4

The price of Ethereum surges from $244 to $246 in the early hours of today but it may trade above $250 in the next few days.

ETH/USD Market

Key Levels:

Resistance levels: $280, $290, $300

Support levels: $210, $200, $190

ETHUSD – Daily Chart

ETH/USDexperiences a small price decline today and it is currently trading at $242.12. The cryptocurrency continues to be supported at the $235 level but it seems that the bears are adamant to push the coin lower. More so, Ethereum has lost around 1.01% within 24 hours.

In addition, ETH/USD keeps trending in red within the channel formation, trading above the 9-day and 21-day moving averages. Today, after the opening of the market, the daily price chart shows that ETH/USD also fell from $246.78 to $235.11, where it found short-term support and later bounced up to $242.12, where it is currently trading.

Nevertheless, for a backward movement, the market can be supported at $210 and $200 levels, if the price falls below the previous levels; another support is around $190. But should in case the price exceeds the indicated level by moving upward, then, the resistance levels of $280, $290, and $300 may be visited. The RSI (14) moves above 60-level, suggesting sideways movement for the market.

When compares with Bitcoin, the buy Ethereum price started moving downward as the price broke down after touching 2550 SAT in the early hours of today. The price started falling and the RSI (14) indicator nosedives below 68-level, which might be considered as more downtrends for the market.

ETHBTC – Daily Chart

Similarly, the market may continue to decline if the sellers put more pressure on the buyers. Any further movement to the south may likely drag the price to the support levels of 2300 SAT and below. Therefore, if there is a rebound, the Ethereum price may likely go up and cross the channel to hit the resistance level of 2700 SAT and above. If you’re interested in investing, you can find out how to buy Ethereum with Paypal here.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.