Ethereum (ETH) Price Analysis — Has Growth Ended or Is Bounce to $250 Expected?

Price Predictions
Wed, 06/24/2020 - 14:01
Denys Serhiichuk
Will Ethereum's (ETH) bounce be as fast as its drop was?
Cover image via www.tradingview.com

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.

Top 10 coins by Coinstats

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.

Cryptocurrency market share

The relevant data for Ethereum is below.

  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $26,840,098,804

  • Price: $240.76

  • 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).

ETH/USD chart by TradingView

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.

ETH/USD chart by TradingView

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.

ETH/USD chart by TradingView

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.

 

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.

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy