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Ethereum (ETH) Price Analysis — Can Bulls Push Coin to $250 in Current Bounce Back?

Price Predictions
Tue, 06/16/2020 - 12:57
Denys Serhiichuk
Is the current rise of Ethereum (ETH) an attempt to set new heights?
Ethereum (ETH) Price Analysis — Can Bulls Push Coin to $250 in Current Bounce Back?
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The cryptocurrency market is recovering after a short-term bearish mood. Recently, Cardano (ADA) has been the top loser but today, it is the top gainer, having risen by 9.23% over the past day.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

At the same time, the total cryptocurrency market capitalization has increased by $10 Bln and now amounts to $263.5 Bln.

Total cryptocurrency market capitalization
Total cryptocurrency market capitalization

The relevant information for Ethereum is as follows.

  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $25,883,440,411

  • Price: $232.41

  • Volume (24h): $8,751,498,922

  • Change (24h): 3.81%

The data is relevant at press time.

ETH/USD: Current bounce back a correction before a dump?

Yesterday, the price of Ethereum (ETH) set a local minimum at $217.79, and during the day was able to return to the previous level of $233.33.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

Now the pair is trying to gain a foothold in the two-hour area of the EMA55 to recover to the Point Of Control line ($243.36). Short-term consolidation is possible on this line, which could allow a continued push to the resistance at $247.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the 4H chart, Ethereum (ETH) is showing growth, even though the trend is not as bullish as it was before. The current growth could be seen as a correction after the sharp dump but not an attempt to set new heights. This growth could continue to $239, where the nearest resistance is located. Thus, in that area, there is a high concentration of liquidity.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the bigger time frame, Ethereum (ETH) is forming a Triangle pattern with the last point at the support level of $218. A decline is more likely than growth as the leading altcoin is trading against increasing selling volume, which is a bearish forecast.

Related Ethereum (ETH) Price Analysis: Trading Sideways Followed by Upcoming Drop to $200
Related
Ethereum (ETH) Price Analysis: Trading Sideways Followed by Upcoming Drop to $200

In addition, most of the liquidity is in the range of $210-$220. If such price action unfolds, the support will be reached by the end of June 2020.

Ethereum is trading at $234.86 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.

Ethereum (ETH) Price Analysis — Will Bulls Reach $240 In Current Bounce?

Price Predictions
Tue, 07/07/2020 - 10:22
Denys Serhiichuk
Will Ethereum (ETH) get to $240 in the ongoing growth?
Ethereum (ETH) Price Analysis — Will Bulls Reach $240 In Current Bounce?
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The positive mood remains on the cryptocurrency market. While Bitcoin (BTC) is rising slightly, altcoins are outperforming the leading crypto. The top gainer from the 10 most popular coins is Bitcoin SV (BSV), whose rate has risen 14.34% over the past day.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

The market capitalization has also increased against the rise of the market. At the moment, its index is $265.3 Bln.

Market Capitalization
Market Capitalization

The relevant data for Ethereum is below.

  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $26,416,726,830

  • Price: $236.59

  • Volume (24h): $8,170,001,858

  • Change (24h): 1.61%

The data is relevant at press time.

ETH/USD: Is the rise coming to an end?

The price of Ethereum (ETH) showed steady growth yesterday. During the day, the pair broke through the resistance at $233 and tested the POC line ($243.34) late at night. In the Asian session, growth stopped and the price rolled back to $240.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

If the bears strengthen the onslaught, then they can return the pair to $233. On the other hand, on the daily time frame, the Stoch RSI indicator lines have not yet reached the overbought zone and there is still some potential for growth. Overall, after a short pause, bulls might try to test the resistance at $247.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the 4H chart, Ethereum (ETH) is forming a Triangle pattern. The decline is supported by the rising trading volume which means that there is still space for going deeper. In this case, the first stop might be at the zone around $232 where most of the liquidity is concentrated. This scenario may unfold within days.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the bigger time frame, the growth potential remains, despite the highs becoming lower and lower. The bullish trend since March 2020 has not been broken so far, which means bulls may still set new local peaks. Such a statement is confirmed by the rising channel, which has continued since the end of June. If bulls keep pushing the altcoin higher, traders can expect Ethereum (ETH) to trade around $245 by the end of July.

Ethereum is trading at $235.65 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.