ETH Ethereum Price Prediction: Reaching $250 Till the End of February?

📈 Price Predictions
Sat, 02/08/2020 - 19:22
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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.

With the arrival of the weekend, the cryptocurrency market is not going to 'relax'. All of the top 10 coins are under pressure by the bulls. The biggest gainer is Bitcoin SV (BSV), whose rate has rocketed up by 17.78% over the last 24 hours.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

The rate for the chief altcoin has increased since last week. The price of Ethereum (ETH) has also risen by $45 in total.

Ethereum chart
Ethereum chart

Below is the relevant data for Ethereum at press time.

  • Name: Ethereum

  • Ticker: ETH

  • Market Cap: $24,735,073,040

  • Price: $225.66

  • Volume (24H): $16,718,266,024

  • Change (24H): 2.99%

ETH/USD:

The rate for Ethereum (ETH) has risen by 2.61% since yesterday. As the fuel of altcoin market, Ethereum continues going up and neglecting all potential rollbacks along the way.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

Even though Ethereum (ETH) is located in the overbought area according to the Relative Strength Index (RSI), it still has growth potential before an upcoming correction. In this case, the coin has the ability to reach a local height of $230, which might be achieved in the next few days.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

Looking at the bigger time frame, Ethereum (ETH) has come back to its mid-September value. However, in order to move higher, the coin needs a correction as the asset is overbought.

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Moreover, the leading altcoin is forming a Triangle pattern, with the $200 level serving as support. To sum it up, if bears start selling the coin, it would be in the area during the first days of March 2020.

At press time, Ethereum was trading at $226.21.

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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 make 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.

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