Ethereum ended the last week in May with some strong gains. A nice bull run saw traders make 20% over the month on the digital currency.
However, the first week in June saw the Ethereum price plunge by more than 7%, but the price of Ethereum has been edging up slowly since then and once again Ethereum is testing the key $250 mark, which is also a multi-month high for the world’s second-largest digital coin.
Ethereum price prediction has been made a bit more difficult as news broke of a mysterious Ethereum “whale” paying $2.6 million in transaction fees when attempting to transfer $130 (mistake or money laundering is unknown at this point).
Confirmed as the largest transaction fee ever paid to transfer Ethereum, the huge transaction fee was been transferred to SparkPool’s address and then be distributed to a large number of miners.
Ethereum transaction fees are at the discretion of the users who have complete control over it. As a fully decentralized blockchain, transactions cannot be reversed or repealed.
So, What’s Next for Ethereum?
When trying to make an Ethereum price prediction now, two key levels are important. Should ETH break out past the big $250 mark then we can expect a bull run to the next resistance level at around the $290 mark.
Over the last two days, we have been seeing major resistance around the $240 – $245 level. This suggests that to break past $250 and beyond the $277 mark would need a stronger bull run than the markets look able to offer at present.
Should Ethereum once again fail the $250 test and the market conditions are not favourable to the crypto world, we could see the $225 support level tested again which is something Ethereum fans do not want to see again.
