- Possible resistance at $245.57
- This week’s highest: $252.22
- This week’s lowest: $230.05
- Last 1 months highest: $252.22
- Last 1 months lowest: $180.72
There is some resistance around $245.57. The next resistance sits at $251.13 in the daily chart.
There is no major resistance before $245.57, and if it is cross resistance, $251.13 will be the next strong resistance.
There is an upward movement expected from current levels. If resistance of $245.57 is crossed, price is likely to move towards $251.13 levels and further to target resistance at $254.26. However, if Ethereum fails to cross the first resistance level, the price might settle around the next support levels at $236.88. If support of $236.88 is crossed, Ethereum price is likely to fall below to $233.75 level.
Newsherder’s ETH/USD Daily Price & Forecast of June 6, 2020 reveals that there is mixed sentiment of ETH price movement. If ETH is able to cross $245.57 levels, $251.13 will be the next level to watch for. But, if ETH fails to cross $245.57, the price will be pushed under $240 at around $236.88 support levels.
1. DeFi to push Ethereum’s price to new highs
The DeFi sector in Ethereum has seen recovery during May and June months and managed to reach again to the $1 billion locked in its different protocols.
Concentration levels of supply of tokens for the main protocols with limited number of whale addressed is seen as a trigger for Ethereum to reach new all time highs.
2. Bitcoin’s top off-chain destination is Ethereum
Studies reveal that the most popular off-chain protocol using bitcoin is on the largest rival, in fact – Ethereum projects including WBTC and imBTC hold 70% more bitcoins than the Lightning Network for payments or the Liquid Network for trading.