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

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
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
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?
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
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
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
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.

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.