Ethereum Price Prediction – June 7
The Ethereum price is currently pushing strongly through the $2800 resistance but still falls below the moving averages if the bears step back.
Resistance levels: $3500, $3700, $3900
Support levels: $2000, $1800, $1600
ETH/USD begins a fresh increase from the $2550 support zone as the price continues to rise above the 9-day and 21-day moving averages; it is likely for the crypto to accelerate higher if it breaks the $2880 resistance level. For a couple of days, Ethereum consolidated the accrued gains within the moving averages but the bullish wave across the board today placed the Ethereum price on a recovery trajectory, pulling the price above the crucial $2800 level.
Ethereum Price Prediction: How Far Can Ethereum price go?
Currently, the Ethereum price is trading at $2838 after adding 4.69% onto its value on the day. The strength of the coin is opening the door for a massive recovery movement targeting $2900. Meanwhile, the potential resistance at $3000 must be reached to pave the way for the impending action. Meanwhile, from a technical perspective, ETH/USD is capable of tackling the hurdles towards $3000 as the Relative Strength Index (14) prepares for the upside. Therefore, the bulls still have room for growth in the short term.
Moreover, the Ethereum price is gaining bullish momentum from the $2691 support as the price surged above the $2800 resistance level. It seems like the bulls may aim for a clear break above the $3100 and $3300 levels in the coming sessions. If they are successful with the break, the resistance levels of $3500, $3700, and $3900 may come into play.
On the downside, the previous resistance near $2900 is likely to act as a buy zone but if there is a fresh decline below this level, the bulls are likely to struggle to hold the $2700 support. So, in the event a reversal ensues, traders should be alert for various support levels including $2500 and $2300. Other key support levels include $2000, $1800, and the critical $1600.
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Against Bitcoin, the market price remained in the ascending movement, currently trading at the level of 7688 SAT and expecting a break towards the channel. Looking at the daily chart, we can see that the bulls continue to take control of the market and the next key resistance levels may likely come at 9000 SAT and above.
Meanwhile, on the downside, a possible drop could bring the market below the 9-day and 21-day moving averages which could touch the supports at 6400 SAT and below. According to the Relative Strength Index (14), the signal line faces an upward trend, which could trigger more bullish signals in the market.