Ethereum (ETH) Price Analysis — Chances of Reaching $250 Decreasing

Price Predictions
Wed, 06/10/2020 - 08:43
Denys Serhiichuk
Does Ethereum (ETH) have enough strength to set new 2020 highs?
Cover image via www.tradingview.com

The sideways trend continues on the cryptocurrency market. However, some coins have already entered the bearish zone. Mainly, Cardano (ADA) has lost 5.12% of its value over the past day.

Top 10 coins by Coinstats

The market capitalization has not changed either. However, there was a sharp blast when the index reached $279 Bln. Currently, it is $272.2 Bln.

Market capitalization

The relevant data for Ethereum is as follows.

  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $27,281,832,935

  • Price: $245.15

  • Volume (24h): $7,668,976,312

  • Change (24h): 0.05%

The data is relevant at press time.

ETH/USD: Can the leading altcoin outperform Bitcoin?

While Bitcoin (BTC) is trading in a sideways trend, Ethereum (ETH) is not rising as it was before. Moreover, the rate of the main altcoin has increased by 0.10% over the past day which is much less growth than that of Bitcoin (BTC).

ETH/USD chart by TradingView

On the 4H chart, the growth has slowed down. However, buyers keep buying back all of the local deeps, confirming their presence. Also, there is a high concentration of liquidity at the current levels. In this case, traders might be able to take Ethereum (ETH) to $246, a so-called 'Mirror' level, in the nearest days.

ETH/USD chart by TradingView

On the daily chart, the bullish trend is alive. However, it's unlikely it will end soon, as there is no impulse to push the rate higher based on the declining trading volume. In addition, Ethereum (ETH) has been trading in a narrow range for the past few days. All in all, bears are getting more powerful. However, the rate might retest the resistance at $253 one more time before an upcoming decline.

ETH/USD chart by TradingView

On the weekly time frame, Ethereum (ETH) has been showing a parabolic rise since March 2020. It is too early to think of retesting 2020 heights as the descending channel has not yet been broken. If the current weekly candle closes with a long bottom wick, there is a high probability of seeing the altcoin at the $260 resistance by the end of June.

Ethereum is trading at $243.40 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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