Ethereum Price Analysis: ETH/USD Consolidating As Bitcoin Above $240, Where To Next?
- Ethereum consolidates above $240; indicators such as the RSI and MACD confirm the sideways price action.
- ETH/USD has sustained gains within an ascending channel since the breakdown to $90 in March.
The largest altcoin is following closely in the footsteps of the largest cryptocurrency by market capitalization, Bitcoin. Both of the major coins are in consolidation; Ethereum above $240 and Bitcoin above $9,600. Over the last two weeks, Ether bulls have focused on pushing gains above $250. However, last week’s momentum hit a wall at $255; a move that ended up in a slide into the $240’s range.
Interestingly, ETH/USD has contained the losses above $240. Bearish calls among some analysts have been given a blind eye. For now, consolidation is set to continue ahead of another breakout above $250. Ethereum has a prevailing market value of $243. The immediate upside is limited at $245 while the downside embraces support at $242.
Moreover, Ethereum is trading within the confines of an ascending channel. The channel support has been very instrumental in the recovery from March lows at $90; helping to keep the buyers on course. A break above the resistance of the channel would open the door for gains not only above $280 but also $300.
ETH/USD daily chart
An overview of the technical aspect of the market shows that Ethereum’s sideways trading could last longer. The RSI clearly shows that buying pressure and the selling pressure are in equal measure. Therefore, it is vital for traders to look out for inflection points for instance, a break above $245 and a slide below $240. The Elliot Wave Oscillator highlights the sustained bullish nature of the trend. In other words, Ethereum is inclined towards making a run upwards as opposed to downwards. The same is supported by trading above the moving averages.
Ethereum Key Intraday Levels
Spot rate: $243.22
Relative change: -3.25
Percentage change: 1.29%
Trend: Trend
Volatility: Low
ETH/USD has sustained gains within an ascending channel since the breakdown to $90 in March.
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Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Tue, 09 Jun 2020 07:02:59 +0000
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