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?
Cover image via www.tradingview.com

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

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

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

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

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

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.

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