Ethereum (ETH) Price Analysis — First Resistances on Way to $250 Have Appeared

Price Predictions
Thu, 06/18/2020 - 10:32
Denys Serhiichuk
Is the $250 mark the last resistance before Ethereum (ETH) goes to $300?
Cover image via www.tradingview.com

The cryptocurrency market has switched to bearish after trading sideways all week. Most of the top 10 coins are in the red zone, except for Cardano (ADA) whose rate has increased by 4.49% over the past day.

Top 10 coins by Coinstats

To a certain extent, the decline has also affected the overall market capitalization, which has increased. The current index is $263.4 Bln.

Total market capitalization

The relevant data for Ethereum is below.

  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $25,840,401,826

  • Price: $231.96

  • Volume (24h): $7,336,902,294

  • Change (24h): -0.31%

The data is relevant at press time.

ETH/USD: Retesting heights?

On the daily chart, Ethereum (ETH) continues to adjust as a part of the downward channel. So far, the bulls have not managed to gain a foothold above $253, after which a rise to $287 could be likely.

ETH/USD chart by TradingView

Traders can expect a rebound from the upper border of the channel and a continued fall to the first target at $175. A strong signal in favor of this movement is the breakdown of the ascending support line on the RSI indicator. This indicates the potential for crossing the lower boundary of the ascending channel. If it overcomes the resistance level and holds above $253, the rise could continue.

ETH/USD chart by TradingView

On the small time frames, quotes are within the descending channel. The values of the RSI indicator have already pushed off the resistance line, which suggests a fall from current levels. The first goal of the decline is $223, a breakdown of which will indicate a continuation of the fall to $210. If there is a break through the upper boundary of the downward channel with the price holding above $241, we can expect continued growth to $253.

ETH/USD chart by TradingView

On the weekly chart, Ethereum (ETH) is slowly approaching the 2020 high it reached in February. Bulls are buying back every fall. In addition, their impulse is supported by trading volume. If the volume remains at the same level or continues increasing, traders might see the leading altcoin trading around $300 by mid-July 2020.

Ethereum is trading at $232.35 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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