The cryptocurrency market has switched to bearish as almost all of the coins from the top 10 list are in the red zone. The only exception is Cardano (ADA), whose rate has risen 0.84% over the past day.
The market capitalization has also been affected by the drop of most of the coins. The index has declined by $5 Bln and is now $265.3 Bln.
The relevant data for Ethereum is below.
Market Cap: $26,840,098,804
Volume (24h): $7,757,965,620
Change (24h): -0.41%
The data is relevant at press time.
ETH/USD: Will $240 be a starting point to reach $250?
Yesterday, there was no strong pressure from sellers and the ETH/USD pair held in the area of the Point Of Control line ($243.36).
This morning, buyers tried to break through the resistance at $247, but that growth is taking place at medium volumes. If the bulls do not increase the onslaught, then holding in the zone of monthly maximums will fail and the pair may roll back to the two-hour moving average EMA55.
On the 4H chart, Ethereum (ETH) still has enough power to grow as there has been a bounce back from $237 accompanied by increasing trading volume. Also, there is a high level of liquidity in the area between $240 and $245. In this case, a more likely scenario is a bounce back to the resistance at $245 shortly.
On the daily chart, bullish pressure is becoming more powerful, which is confirmed by the MACD indicator, which is about to enter the green zone. In addition, the level of trading volume is also not dropping, confirming the power of the bulls. Summing up, there is a high chance of seeing Ethereum (ETH) trading at $255 within the next few days.
Ethereum is trading at $239.81 at press time.