Ethereum (ETHUSD) Price Forecast: June 1
ETHUSD price will most likely continue its bullish rally and the price could still go higher. Further increase in the bulls’ pressure may break up at the $2140.8 level and this may push the price of the cryptocurrency to the $2500.0 upper high level, resulting in a good buy for the coin traders.
Key Levels:
Resistance Levels: $1800.00 $1900.00, $2000.00
Support Levels: $1400.00, $1300.00, $1200.00
ETH (USD) Long-term Trend: Bullish (Daily Chart)
ETHUSD remains bullish on the higher time frames. This is clear as we can see the prices trading strongly above the supply trend levels indicating a strong bullish trend. However, the recent market has favored the bulls.
The coin has been making higher highs and higher lows in previous actions; this has made it possible for the price to maintain an uptrend.
The coin trading above the moving averages at the $1917.1 resistance level above the moving averages as the daily chart opens today, is an indication of a more bullish impact in the market. Ethereum is trading in a “Rising Channel”, making higher highs and higher lows, showing signs of bullishness. This will actually enable the buyers to influence the price tendency.
Further, the price might continue its upward move as shown by the price indicator which is in an upward direction. If the price of ETHUSD is able to break above the $2140.8 supply value, then we can expect a price to test its previous swing high and even break above that level to hit the $2500.0 upper resistance level soon in its long-term outlook.
ETH (USD) Medium-term Trend: Bullish (4H Chart)
On the medium-term outlook, the ETHUSD pair also remains in an uptrend. Firstly, the cryptocurrency has broken above the moving averages which indicates a possible rise of the pair. The pair is currently above the level of $1911.1.
The bulls increase their pressure and move the market price of the coin up to a $1917.1 high level as the 4-hourly chart opens today. This makes it possible for the coin to remain positive and good for a BUY position.
In addition, the daily stochastic indicates an upward trend, this means that the buy investors may likely continue with the bull run and the target might be the $2500.0 resistance level soon in its medium-term outlook.
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