June 5 has started for the cryptocurrency market in a relatively neutral mood. Most of the coins are in the red zone. However, there are some exceptions. Bitcoin (BTC) and Binance Coin (BNB) are the main gainers, having risen by 1.31% and 1.36% respectively over the past 24 hours.
Even though the cryptocurrency market has not shown significant growth over the past day, its overall capitalization index has increased by 1$ Bln since yesterday.
The relevant data for Ethereum is as follows.
Market Cap: $27,238,960,852
Volume (24h): $9,840,184,917
Change (24h): -0.12%
The data is relevant at press time.
ETH/USD: Can the spectacular rise continue?
Yesterday morning, growth stopped in the area of $247. After a short rollback, the price recovery resumed, but as of this morning, buyers have not overcome the resistance.
At medium trading volumes, Ethereum (ETH) moved to consolidation, with support at the two-hour EMA55 level. Now the consolidation range has slightly narrowed, and today buyers might have enough strength to break through the resistance at $247 and continue growing to the $265 - $275 zone this weekend.
On the 4H time frame, Ethereum (ETH) is about to form a Head and Shoulders pattern. This is the reversal figure in trading, suggesting a trend change.
The declining level of trading volume also suggests further price decline. If the leading altcoin keeps falling, the closest stop will be in the area of the Right shoulder at $235.70.
On the bigger chart, Ethereum (ETH) has stopped its sharp growth. At the moment, there are signals for neither a continued rise nor the start of a fall. There is no liquidity at the current trading zone. However, the volume remains at the same level. A more likely outcome would be holding in the range between $230 and $245 as is outlined on the chart.
Ethereum is trading at $243.67 at press time.