Ethereum (ETH) Price Analysis — Bouncing Off With Potential Target of $250

Price Predictions
Mon, 06/22/2020 - 11:32
Denys Serhiichuk
Will Ethereum (ETH) outperform Bitcoin (BTC) in the current growth wave?
Cover image via www.tradingview.com

After trading sideways over the weekend, the market has chosen to follow a bullish scenario. All of the top 10 coins are in the green zone while Ethereum (ETH) is the top gainer, having risen 2.20%.

Top 10 coins by Coinstats

Due to this rise, the market capitalization has also risen over the past 24 hours and is now $264.8 Bln.

Cryptocurrency market capitalization

The relevant data for Ethereum is as follows.

  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $26,243,457,198

  • Price: $235.47

  • Volume (24h): $6,766,194,827

  • Change (24h): 2.34%

The data is relevant at press time.

ETH/USD: Another Attempt to Conquer the Local Heights

On Saturday, the price of Ethereum (EHT) fluctuated in the lateral range, below the two-hour EMA55. On Sunday, we managed to gain a foothold in the field of average prices, and only this morning, buyers on small volumes managed to break above the resistance of $233.33.

ETH/USD chart by TradingView

During the day buyers were supporting growth in large volumes, and the pair will continue to recover to the POC line ($243.36). In case the volume does not increase, then Ethereum (ETH) will roll back to the area of average prices.

ETH/USD chart by TradingView

On the 4H chart, Ethereum (ETH) has come out of the consolidation area, having confirmed its short-term bullish scenario. The rise is accompanied by relatively high trading volume which is a positive sign for bulls. What is more, the liquidity is also quite high in the current zones. To sum up, the altcoin could keep rising to the nearest obstacle at $237, which will serve as an important resistance.

ETH/USD chart by TradingView

The daily chart is not as optimistic as the 4H chart. Trading volume is not rising, which means the ongoing growth is just a bounce before a more profound decline. A more likely move from Ethereum (ETH) will be a test of the top level of the falling channel, followed by a drop to $220

Ethereum is trading at $234.93 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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