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.
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.
Below is the relevant data for Ethereum (ETH) and how it's looking today:
Market Cap: $25,660,391,471
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.
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 .
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.
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.