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

Price Predictions
Mon, 06/08/2020 - 11:05
article image
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.

Read U.TODAY on
Google News

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.

card

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.

 
article image
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.

Bitcoin (BTC) Price Analysis — Will Ongoing Impulse Reach $9,500?

Price Predictions
Mon, 07/06/2020 - 11:49
article image
Denys Serhiichuk
Is the current bounce from Bitcoin (BTC) false?
Bitcoin (BTC) Price Analysis — Will Ongoing Impulse Reach $9,500?
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.

Read U.TODAY on
Google News

The decline of the cryptocurrency market that occurred over the weekend was absorbed by a Monday rise from all of the top 10 coins. Bitcoin SV (BSV) has shown the biggest growth over the past day, having risen by 4.59%.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

The fast rise of altcoins has affected the dominance rate of the main crypto, which has dropped slightly and is now at 63.2%.

BTC’s market share
BTC’s market share

The relevant data for Bitcoin is below.

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $169,268,004,298

  • Price: $9,187.03

  • Volume (24h): $14,946,026,484

  • Change (24h): 1.36%

The data is relevant at press time.

BTC/USD: How long will the ongoing bounce last?

Last weekend, the activity of market participants remained low. On Saturday, buyers again tried to overcome the two-hour EMA55, but the growth was not supported by volume, and on Sunday the price of Bitcoin (BTC) returned to its previous level. Slow sliding to the weekly low point led it to $8,900.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

By the beginning of this week, the pair has recovered to the average price range and today the flat movement will continue within the lateral corridor, the borders of which were slightly expanded over the past weekend.

card

An important goal for bulls is to break through the resistance of $9,300, which would open growth prospects to the area of $​​9,800. However, if buyers do not support the growth, then this week BTC may return to the downward orange corridor to support at $8,600.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the 4H chart, Bitcoin (BTC) has held above $9,000. The trading volume is still low. However, the liquidity is high at current levels. What is more, the lines of the MACD indicator have switched to bullish, which means that the first resistance in the bulls' way is $9,300, which they may hit shortly.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily time frame, the scenario is more bearish than bullish, even though sideways trading has continued for a second month. Highs are getting lower and lower, which confirms the absence of buyer resistance. If bulls cannot take it to $9,500 and hold above that mark, traders can expect another drop below $9,000, to the $8,700 mark.

Bitcoin is trading at $9,206 at press time.

 
article image
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.