Back

Ethereum (ETH) Price Analysis: Trading Sideways Followed by Upcoming Drop to $200

Price Predictions
Sat, 06/13/2020 - 14:19
Denys Serhiichuk
Is the growth of Ethereum (ETH) still possible after a recent drop?
Ethereum (ETH) Price Analysis: Trading Sideways Followed by Upcoming Drop to $200
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

June 13 started out with relatively neutral sentiments in the cryptocurrency market. As it usually happens on the weekends, neither the bulls nor the bears are controlling the situation. 

Top 10 coins by Coinstats
Top 10 Coins by Coinstats

Even though Bitcoin (BTC) touched the $10,000 mark again and the altcoins have shown good growth, the total market capitalization has lost around $5B and is currently sitting at $263.9B.

Cryptocurrency market capitalization
Cryptocurrency Market Capitalization

Below is the relevant data of for Ethereum (ETH) and how it's looking today:

  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $26,457,094,659

  • Price: $237.65

  • Volume (24H): $7,364,053,458

  • Change (24H): 0.27%

ETH/USD: Is the Growth Potential Relevant During the Second Half of June?

With Bitcoin (BTC) losing 0.18% since yesterday, Ethereum (ETH) is trying to recover from the recent fall and has gained 0.10%. However, the leading altcoin is still located within last week's downtrend, having lost 1.88%.

ETH/USD chart by TradingView
ETH/USD Chart by TradingView

Looking at the hourly chart, Ethereum (ETH) had a false breakout and failed to fix above $243. Even though the liquidity is high at the current zones, the bulls have no strength to maintain the upsurge as the trading volume continues to slightly decrease. Respectively, the most probable price projection is a retest of the support zone at $230, which finishes the formation of a triangle pattern.

ETH/USD chart by TradingView
ETH/USD Chart by TradingView

Looking at the daily time frame, the recent drop has absorbed the growth from the last few days. From a technical perspective, the bullish scenario is still relevant if buyers can hold the line at $225, which might be attained soon.

Related TOP 3 Price Analysis: BTC, ETH, XRP — Bearish Mood Getting Stronger, Though Major Coin Prices Rising
Related
TOP 3 Price Analysis: BTC, ETH, XRP — Bearish Mood Getting Stronger, Though Major Coin Prices Rising

The bulls tried to recover from the decline; however, failed to do that as this was confirmed by the ongoing pressure from the bears. All in all, one needs to pay close attention to the $225 mark. In case the sellers break it, then the long-term trend will switch to bearish.

ETH/USD chart by TradingView
ETH/USD Chart by TradingView

Ethereum (ETH) has retested the 61.8% level of the Fibonacci retracement, which corresponds to the $213 mark. To hold the ongoing bullish trend, buyers need to face a correction in order to gain more 'fuel' for continuous growth. In this particular case, one may expect another decline to the 50% mark ($190). This might happen by the end of July 2020.

At press time, Ethereum was trading at $236.62.

 
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.

Ethereum (ETH) Price Analysis — Will Bulls Reach $240 In Current Bounce?

Price Predictions
Tue, 07/07/2020 - 10:22
Denys Serhiichuk
Will Ethereum (ETH) get to $240 in the ongoing growth?
Ethereum (ETH) Price Analysis — Will Bulls Reach $240 In Current Bounce?
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The positive mood remains on the cryptocurrency market. While Bitcoin (BTC) is rising slightly, altcoins are outperforming the leading crypto. The top gainer from the 10 most popular coins is Bitcoin SV (BSV), whose rate has risen 14.34% over the past day.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

The market capitalization has also increased against the rise of the market. At the moment, its index is $265.3 Bln.

Market Capitalization
Market Capitalization

The relevant data for Ethereum is below.

  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $26,416,726,830

  • Price: $236.59

  • Volume (24h): $8,170,001,858

  • Change (24h): 1.61%

The data is relevant at press time.

ETH/USD: Is the rise coming to an end?

The price of Ethereum (ETH) showed steady growth yesterday. During the day, the pair broke through the resistance at $233 and tested the POC line ($243.34) late at night. In the Asian session, growth stopped and the price rolled back to $240.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

If the bears strengthen the onslaught, then they can return the pair to $233. On the other hand, on the daily time frame, the Stoch RSI indicator lines have not yet reached the overbought zone and there is still some potential for growth. Overall, after a short pause, bulls might try to test the resistance at $247.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the 4H chart, Ethereum (ETH) is forming a Triangle pattern. The decline is supported by the rising trading volume which means that there is still space for going deeper. In this case, the first stop might be at the zone around $232 where most of the liquidity is concentrated. This scenario may unfold within days.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the bigger time frame, the growth potential remains, despite the highs becoming lower and lower. The bullish trend since March 2020 has not been broken so far, which means bulls may still set new local peaks. Such a statement is confirmed by the rising channel, which has continued since the end of June. If bulls keep pushing the altcoin higher, traders can expect Ethereum (ETH) to trade around $245 by the end of July.

Ethereum is trading at $235.65 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.