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Ethereum Price Prediction: ETH/USD Surges Higher, Breaks Important Resistance Levels

Ethereum (ETH) Price Prediction – May 31 ETH/USD< pair has broken the previous overbought region at $227. The biggest altcoin has risen to a new high of $247. Unfortunately, Ether has reached the overbought region of the market. Sellers emerged to push prices down. Similarly, in ETH/BTC, the pair reached the overbought region of the market at a high of Ƀ0.028000. The market is currently in a sideways move as bulls attempt to break the overbought region.

ETH/USD Market

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

ETH/USD – Daily Chart

Yesterday, Ethereum bulls rebounded at a low of $220 to break the overhead resistance at $227. As buyers broke the overhead resistance, price accelerated to a high of $247. Ether reached the recent high but the coin was overbought. Consequently, sellers emerged to push prices down. ETH retraced to the low of $230 and resumed the uptrend. On the upside, if the bulls break the $240 resistance, the market will reach a high of $260. The price to buy Ethereum will recover fully if the bulls are successful over the recent resistance.

Nonetheless, if the bulls continue to face resistance at the recent high, the biggest altcoin will be compelled to a range-bound movement below the resistance. At the moment, ETH is above 80% range of the daily stochastic. The stochastic bands are pointing downward indicating a downward movement of the coin.

ETH/BTC – Daily Chart

When compared with Bitcoin, in the ETH/BTC pair, the market is overbought at a high of Ƀ0.028000. The market is in a sideways move below the overhead resistance. Presently, a further upward move has been restricted below Ƀ0.026000 resistance. Nevertheless, the Relative Strength index period 68 indicates that the coin is in the uptrend zone and above the centerline 50. The pair is likely to rise.

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.