Ethereum (ETH) Price Analysis — Will Bulls Reach $250 Soon?

Price Predictions
Mon, 06/08/2020 - 11:05
Denys Serhiichuk
Is the $250 mark of Ethereum (ETH) a signal to open shorts or look for a bullish setup?
Cover image via www.tradingview.com

Even though Saturday was bearish for the cryptocurrency market, the week finished in a relatively positive mood. However, not all coins from the top 10 list could recover. Bitcoin SV (BSV) is the main loser as its rate has declined by 1.12% over the past day.

Top 10 coins by Coinstats

The cryptocurrency market capitalization has increased by $5 Bln over the past week, which means that long sentiments remain among traders.

Cryptocurrency market capitalization

The relevant data for Ethereum is as follows.

  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $27,141,544,347

  • Price: $243.95

  • Volume (24h): $10,021,967,327

  • Change (24h): 0.49%

The data is relevant at press time.

ETH/USD: What are the chances of seeing $250 in June?

Last weekend, the price of Ethereum (ETH) tried to hold above the two-hour EMA55. On Sunday, sellers took advantage of the fact that buyers could not break the resistance at $247 and rolled back the price to the ​​$234 area.

Related
Ethereum (ETH) Price Analysis — $250 Still Attainable in June?

However, in the Asian session, buyers returned the pair to above the level of average prices, but still have not broken above the resistance of $247.

ETH/USD chart by TradingView

Today, buyers will continue to try to set a new June high and try to test the $265 - $275 resistance zone. In case of failure, one should expect a rollback to the support of $222.

ETH/USD chart by TradingView

On the 4H time frame, the altcoin has successfully bounced off the support of $237, confirming that the slight decline was just a correction before further up movement. In this case, bulls need to break the first resistance on their way at $248 to move higher. If that happens, we can expect new local heights.

ETH/USD chart by TradingView

On the daily time frame, Ethereum (ETH) is forming a big Triangle figure. While it is trading within this pattern, the bullish scenario remains relevant. The only thing that might influence a rise in the price is the trading volume, which is at the same level. If it increases, the resistance, which reflects the peak of the Triangle at $290, will be reached sometime in July 2020.

Ethereum is trading at $244.10 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.

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