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Ethereum (ETH) Price Analysis: Trying to Recover Bullish Trend or Drop to $220?

Price Predictions
Sat, 06/20/2020 - 14:22
Denys Serhiichuk
How much time do bulls need to retest Ethereum (ETH) at $250?
Ethereum (ETH) Price Analysis: Trying to Recover Bullish Trend or Drop to $220?
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 20 is continuing the price action of yesterday. Apart from Bitcoin SV (BSV), the majority of the coins are in the red. BSV's rate has gone up 0.60% since yesterday.

Top 10 coins by Coinstats
Top 10 Coins by Coinstats

The trading activity is typically low on the weekends, and today is no exception to the rule. In the last 24 hours, the drop is constituted around $2 billion.

Cryptocurrency market capitalization
Cryptocurrency Market Capitalization

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

  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $25,660,391,471

  • Price: $230.29

  • Volume (24H): $6,161,158,104

  • Change (24H): -0.66%

ETH/USD: Can the Bears Move to $220 Faster than the Bulls Retesting $250?

Compared to Bitcoin (BTC), Ethereum (ETH) is showing a worse price action by means of a sideways trend. The rate of the leading altcoin has dropped by 3.34% since last week.

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

Looking at the hourly chart, Ethereum (ETH) is trading within a falling channel against a low volume. The liquidity is also slightly going down. Even though the long-term trend is bearish, there might be a bounce off the local support at $226.60. There is a high probability of seeing a short-term rise when the aforementioned level is reached as this is a far mirror level retest .

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

Looking at the 4H time frame, the price decrease is accompanied by the trading volume as well as the liquidity level. At the moment, there are no signals for a potential rise as there are lower heights. A triangle pattern is also being formed with an endpoint at the $220 support level. If the decline continues, then the level will be attained by the end of June 2020.

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

Looking the daily chart, Ethereum (ETH) still has bullish potential; however, one needs to pay close attention to the $220 level. In this particular case, sellers could break it, reducing the price towards $200 and making it relevant. However, this is unlikely to break for the first time as it is a far level retest (since the beginning of May). To sum it up, traders might expect a bounce off the $220 support, followed by a rise to $250.

At press time, Ethereum was trading at $228.15.

 
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.