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?
Cover image via www.tradingview.com

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. 

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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

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

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

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.

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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

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.

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