Ethereum (ETH) Price Analysis — Remains Under Bullish Pressure Aiming at $230

Price Predictions
Mon, 06/29/2020 - 11:27
Denys Serhiichuk
What level could Ethereum (ETH) bounce back to?
Cover image via www.tradingview.com

While Bitcoin (BTC) and other top coins remain under bearish pressure, prospective altcoins from the top 10 list are not losing time. Mainly, Cardano (ADA) has risen 4.12% over the past 24 hours.

Top 10 coins by Coinstats

The total market capitalization has lost $2 Bln over the past week and is now at $254.6 Bln.

Market Capitalization

The relevant data for Ethereum is below.

  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $24,980,190,796

  • Price: $223.94

  • Volume (24h): $6,381,546,356

  • Change (24h): 0.36%

The data is relevant at press time.

ETH/USD: Any hope left for growth before the decline continues?

Last Saturday, sellers increased the onslaught and broke through the support of $222.98. At the end of the day, Ethereum (ETH) set a June low at $215.79. On Sunday, buyers continued their recovery accompanied by small volumes but failed to test the two-hour EMA55.

ETH/USD chart by TradingView

Currently, buyers are trying to hold the pair above $222 in order to continue the recovery to the resistance at $233. If the bears sell strong support again, the decline will continue and may soon reach the psychological mark of $200.

ETH/USD chart by TradingView

On the bigger time frame, the current growth will likely continue as bulls have shown resistance at the $217 mark. The trading volume also supports the ongoing bounce back as it has not declined. Moreover, the MACD indicator has entered the bullish zone as its lines have crossed each other. Summing up, the growth could continue to the $227 area where buyers might face bears' resistance.

ETH/USD chart by TradingView

On the daily chart, the lowering heights mean that the leading altcoin has not found its local support yet. What is more, the bearish divergence on the RSI indicator suggests a continued drop to $215. The high concentration of liquidity means that bears will likely retest it soon.

Ethereum is trading at $223.81 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.

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