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

Price Predictions
Wed, 06/10/2020 - 08:43
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Denys Serhiichuk
Does Ethereum (ETH) have enough strength to set new 2020 highs?
Ethereum (ETH) Price Analysis — Chances of Reaching $250 Decreasing

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.

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
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
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
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
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
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.

 
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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
article image
Denys Serhiichuk
Will Ethereum (ETH) get to $240 in the ongoing growth?
Ethereum (ETH) Price Analysis — Will Bulls Reach $240 In Current Bounce?

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.

Cover image via www.tradingview.com

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.

article image
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.