Ethereum Price Prediction: ETH/USD Hits Below $250; Holds Risk of Downside Breakout

ETH Price Prediction – June 2

The price to buy Ethereum is seen moving below the key supports against the USD. It may continue to move down towards $220 if it fails to stay above $230.

ETH/USD Market

Key Levels:

Resistance levels: $280, $290, $300

Support levels: $205, $195, $185

ETHUSD – Daily Chart

As the market opens today, after touching the high of $253 level, ETH/USD has been dropping with a bearish bias. The coin opened at $248.46 and currently dropped below $240 support level. Ethereum price did start a nasty decline and broke many supports near $230. The price could correct higher, but it is likely to face sellers near $235 or $230.

On the downside, there is a close below the $240 level as the coin moves above the 9-day and 21-day moving averages. As a matter of fact, dropping further could open the doors for more losses and the price may tumble below the $215 level. More so, should it spike below the $210 support, the critical support levels of $205, $195, and $185 may be tested as the technical indicator RSI (14) is seen moving below  65-level.

Moreover, ETH/USD could either recover above $250 or extend its decline. On the upside, the next major resistance is near the $245 level. Having said that, the price must climb above the $280, $290, and $300 resistance levels to move back into a positive zone. If not, there is a risk of more downsides below the $220 support level.

Against Bitcoin, the daily chart shows that Ethereum’s price is trading well in a strong uptrend around 0.025 BTC. As soon as the price is above the channel, there is a possibility that additional benefits will be obtained in the long term. The next resistance key above 0.026 BTC is close to the 0.027 BTC level. If the price keeps rising, it could even break the 0.0275 BTC and above in future sessions.

ETHBTC – Daily Chart

Meanwhile, if the bears regroup now, the 0.024 BTC and 0.023 BTC supports may play out before rolling to a critical supports at 0.0225 BTC and this may create a new monthly low for the pair. However, the daily outlook is still looking bullish as the RSI (14) is moving around the 65-level to enhance the bullish movement.

Please note: 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.