Ethereum (ETH) Price Prediction for June 8

Despite sellers’ pressure, the rates of most of the coins are in the green zone, according to CoinStats.

ETH/USD

The price of Ethereum (ETH) has gone up by 0.53% over the last day.

On the hourly chart, the rate of ETH is in the middle of the narrow channel, between the support of $2,490 and the resistance of $2,525.

As neither side is dominating, ongoing sideways trading around the current prices is the more likely scenario.

On the bigger time frame, traders should pay attention to the resistance of $2,531. If a breakout happens, the accumulated energy might be enough for a move to the $2,600 zone.

From the midterm point of view, sideways trading remains the more likely scenario for next week. The rate of the main altcoin is in the middle of the channel, which means traders are unlikely to see sharp moves.

Ethereum is trading at $2,517 at press time.