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.
At the same time, the total cryptocurrency market capitalization has increased by $10 Bln and now amounts to $263.5 Bln.
The relevant information for Ethereum is as follows.
Market Cap: $25,883,440,411
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.
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.
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.
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.
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.