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?
Cover image via www.tradingview.com

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

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

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

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

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

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

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.

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy