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.
To a certain extent, the decline has also affected the overall market capitalization, which has increased. The current index is $263.4 Bln.
The relevant data for Ethereum is below.
Market Cap: $25,840,401,826
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.
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.
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.
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.