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Ethereum Price Prediction: ETH/USD Gains Bullish Momentum, Breaches Key Resistance at $232 and $236

Ethereum (ETH) Price Prediction – July 6
Today, ETH/USD  made a strong bounce above $224 and rallied to $239 high. Nonetheless, if the current momentum extends and breaks the $245 resistance a rally above $253 resistance is possible. The bulls have succeeded in breaking the minor resistance at $232 and $236.

ETH/USD Market

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

ETH/USD – Daily Chart

Ethereum bulls have made impressive moves and price is accelerating to the overhead resistance. Buyers have two hurdles to jump over at $245 and $250 resistance before retesting the $253 overhead resistance. In June, buyers were repelled on four occasions while attempting to break the $250 resistance. The bulls were unable to break the resistance. Consequently, the price dropped sharply to $216 support level.

Today, the bulls have pushed the biggest altcoin to $239 high. On the upside, a strong bounce above $239 will propel price to break the $245 and $253 resistance level. The momentum will extend to the $260 high. Nevertheless, if the bulls failed to break the current resistance, Ether will be compelled to a sideways move below $245 resistance.Ethereum is above 25% range of the daily stochastic. It indicates that the market is in a bullish momentum.

Similarly, in the ETH/BTC, the pair has been trading in a sideways trend since February. The overhead resistance at Ƀ0.028000 is yet to be broken.

ETH/BTC – Daily Chart

All price movements are being restricted below the Ƀ0.026000 resistance. Today, the coin is in an upward move and it is approaching the resistance at Ƀ0.026000. The ETH/BTC is likely to face rejection at the recent high. Meanwhile, the Relative Strength index period 65 indicates that the coin is in the uptrend zone and above the centerline 50.

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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.