Ethereum (ETH) Price Analysis — $250 Still Attainable in June?

Price Predictions
Fri, 06/05/2020 - 08:18
Denys Serhiichuk
Are there any chances left for Ethereum (ETH) to grow in June?
Cover image via www.tradingview.com

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.

Top 10 coins by Coinstats

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.

Market capitalization

The relevant data for Ethereum is as follows.

  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $27,238,960,852

  • Price: $244.91

  • 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.

ETH/USD chart by TradingView

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.

ETH/USD chart by TradingView

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.

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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.

ETH/USD chart by TradingView

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.

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.

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