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.
The cryptocurrency market capitalization has increased by $5 Bln over the past week, which means that long sentiments remain among traders.
The relevant data for Ethereum is as follows.
Market Cap: $27,141,544,347
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.
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.
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.
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.
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.