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Ethereum Price Prediction: ETH/USD Breaks Important Resistances in a Successful Rebound

Ethereum (ETH) Price Prediction – June 02
Recently, Ether rebounded and breached important resistance levels to reach the present highs. The biggest altcoin reached a high of $250 and was repelled. ETH/USD pair made a downward correction to $230 low. Similarly, in ETH/BTC, the market is already in the overbought region. Buyers are attempting to breach the overbought region.

ETH/USD Market

Key Levels:
Resistance Levels: $200, $220, $240
Support Levels: $160, $140, $120

ETH/USD – Daily Chart

Since May, Ethereum bulls have been battling to break the resistance at $215 and the overhead resistance at $227. On May 26, ETH rebounded thrice from the low of $196. The rebound broke through the resistances of $210, $215 and $227 and reaches the high of $250. Ether was resisted as price reached the recent high. Presently, the market is fluctuating between the levels of $230 and $250.

ETH/BTC – Daily Chart

On the upside, a rebound above $230 will propel price to break through $250 resistance and the momentum will extend to the high of $280. Conversely, if the bulls fail to break the current resistance, Ethereum will be compelled to a sideways move below the current resistance. Presently, ETH is above 80 % of the daily stochastic, indicating that the market is in the overbought region. Sellers have already emerged to push prices down.

Similarly, in the ETH/BTC, the market is also in the overbought region at a high of Ƀ0.028000. The bulls are attempting to breach the overbought region. Nonetheless, buyers are being restricted as the market trades below Ƀ0.026000 high. Nevertheless, the Relative Strength Index period 66 indicates that the coin is in the uptrend zone and above the centerline 50. If you want to know more check our out how to buy Ethereum with PayPal

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.