Ethereum (ETH) Price Analysis — Will Main Altcoin Keep up With BTC’s Growth and Reach $250?

Price Predictions
Fri, 05/29/2020 - 07:16
Denys Serhiichuk
Does Ethereum (ETH) have the potential to surpass the growth of Bitcoin (BTC)?
Cover image via www.tradingview.com

While yesterday, Bitcoin (BTC) was almost the only coin that rose, today, the situation is the opposite. Altcoins are back in the game, growing more than the leading crypto. The top gainer is Ethereum (ETH), whose rate has rocketed by 7.15% over the past day.

Top 10 coins by Coinstats

The ongoing rise of the cryptocurrency market has positively influenced its market capitalization, which has increased only slightly since yesterday, now sitting at $262.5 Bln.

Cryptocurrency market capitalization

The relevant data for Ethereum is below.

  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $24 571 584 186

  • Price: $221.12

  • Volume (24h): $13 678 571 280

  • Change (24h): 7.35%

The data is relevant at press time.

ETH/USD: Could Ethereum grow faster than Bitcoin during the possible bull run?

Ethereum (ETH) has kept up with the growth of the main crypto. Moreover, it has even surpassed it, having increased by more than 7%.

ETH/USD chart by TradingView

On the hourly chart, Ethereum (ETH) has reached the local peak at almost the $225 mark. At the moment, the coin is already oversold based on the value of the RSI indicator. Also, there is no liquidity above to push the rate higher. In this regard, a more likely forecast is a correction to the nearest vital level at $217. This will be just a rollback and not the start of a bearish trend.

ETH/USD chart by TradingView

On a bigger time frame, the situation is also not so positive for Ethereum (ETH) holders. The support line of the Bollinger Bands indicator is looking down while the basic and the resistance are going up. This is a signal that bulls are running out of fuel and a decline may happen soon. If that happens, the rate will correct to the $208-$210 range soon.

ETH/USD chart by TradingView

On the daily chart, the situation is quite the opposite. The long-term bullish trend has just started as the lines of the MACD indicator have crossed each other. What is more, the current rise is supported by the relatively high buyer trading volume. In addition, Ethereum (ETH) has still not left the borders of the rising channel, confirming the presence of bulls. All in all, the end-point of the current rise is the $252 mark, which may be reached by the end of June 2020.

Ethereum is trading at $221.12 at press time.

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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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