Ethereum (ETH) Price Analysis — Can Leading Altcoin Hold Above $230?

Price Predictions
Thu, 07/02/2020 - 11:15
Denys Serhiichuk
How long will the sideways trend of Ethereum (ETH) last?
Cover image via www.tradingview.com

The cryptocurrency market is trading completely differently today. While Bitcoin Cash (BCH) and Litecoin (LTC) have remained in the red zone, Cardano (ADA) has rocketed 12% over the past day.

Top 10 coins by Coinstats

The rise of altcoins has affected the market capitalization, which has increased over the past 24 hours around $2 Bln and is now $259.2 Bln.

Market Capitalization

The relevant data for Ethereum is below.

  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $25,677,819,096

  • Price: $230.11

  • Volume (24h): $6,354,460,871

  • Change (24h): 0.38%

The data is relevant at press time.

ETH/USD: Can Ethereum rise faster while Bitcoin trades sideways?

Yesterday, in the morning, the price of Ethereum (ETH) consolidated under the two-hour EMA55. In the afternoon, the volume of purchases increased and the pair broke through the level of average prices, and by the end of the day, it came close to the resistance at $233. The daily maximum is set at around $230.

ETH/USD chart by TradingView

During the night, Ethereum (ETH) rolled back a bit, but if buyers can break above the resistance of $233, then the pair may recover to the area of the POC line ($243.25).

ETH/USD chart by TradingView

On the 4H chart, nothing crucial has changed so far. Ethereum (ETH) keeps trading within the rising channel, aiming at $235. Moreover, a Triangle figure has been formed, which confirms the ongoing bullish dominace. Last but not least, there is high liquidity in the $230-$235 zone.

ETH/USD chart by TradingView

On the daily time frame, the sideways trading has continued as there is no dominance from neither bulls nor bears. What is more, the trading volume has remained at the same level. As such, traders can expect Ethereum (ETH) to shift into trading in the yellow range between $230 and $240 soon.

Ethereum is trading at $227.79 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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