Forecast for the Ethereum rate: the coin will rise in price to $ 260 by June 11

On June 4, the Ethereum (ETH) cryptocurrency rate overcame resistance at $240 and consolidated above this level.Therefore, the coin should go up to $ 260 by June 11th.

Key points

The Bears managed to defend the $ 230 barrier during an ETH dump on May 2.

A bullish trend line has formed on the hourly chart with support around $ 240.

Over the next two sessions, the cost of Ethereum will reach the nearest resistance zone - $ 250.

Ethereum hit record high this weekindicator for the last three months - $ 253 (on the Bitstamp exchange). However, on Tuesday, the price of a digital asset plummeted to $ 218, but then quickly adjusted to $ 230. Over the past day, buyers have managed to overcome the $ 240 barrier, so the path to $ 250 is already open.

The nearest support area is located at$ 240, which coincides with 61.8% of the Fibonacci level recorded during the dump from $ 253 to $ 218. The next support barrier is around $ 230. The upward movement will meet resistance at $ 250 and $ 255. Successful penetration of these obstacles will mean an increase in the value of the coin to $ 260.

Why will the price of Ethereum rise?

On the graph of the dynamics of changes in the rate of ETH forlast year it is clear that the coin is becoming cheaper if the peak values of the value are reduced. This phenomenon occurred before powerful dumps in July 2019 and February 2020. On the other hand, in cases where the price of an asset exceeded the previous maximum after the fall, the value of Ethereum increased.

On May 31, the cryptocurrency exchange rate reached $ 245, and on June 2 -$ 253 Moreover, as a result of the dump, the price of the asset did not fall below the upward trend line that arose in March. These factors make it possible to forecast the growth of the value of the coin over the next week. Now the zone of support for the bull trend is in the region of $ 213, as a result of this, a reversal in the market will occur only after overcoming this barrier. Most likely, Ethereum will rise in price to $ 260-270, then the price of the asset will bounce off the downtrend line, which started in June 2019, and will begin to fall.