Although Bitcoin points to a bear cycle, Ethereum still shows some momentum. According to the news in Ethereum World News, the leading altcoin can reach the level of $ 290.
To put it simply:
- Ethereum once again struggles to protect the $ 228 support zone.
- All signs indicate that BTC is going to lower levels.
- However, ETH’s bullish momentum is quite solid, primarily due to ETH 2.0.
- Ethereum draws a bullish look on the daily chart, which could increase its value to $ 290.
While the last Friday of June 2020 is happening, there is a decrease in the crypto money markets. While Bitcoin continues to be traded at $ 9,200, Ethereum is currently struggling to protect the $ 228 support zone. Today, both BTC and ETH were trading at about $ 9,340 and $ 235, respectively. However, with the end of CME Bitcoin futures today; A decrease in the crypto money market is expected.
Will ETH Rise?
Ethereum is fighting once again to protect the $ 228 support zone, which continues to provide a very strong support area for ETH in June. Additionally, looking at the daily chart, it seems that a bull flag is forming that could cause it to test the next major resistance zone at $ 290.
Looking again at Tradingview.com’s daily ETH / USDT chart, the following can be observed:
- The trading volume with MACD is red and shows that these sales activities are increasing.
- The MFI is stable in around 40 neutral zones.
- The 50-day moving average provides adequate support at around $ 222.
- The 100-day and 200-day moving averages also provide macro level support at around $ 195 and $ 186, respectively.
- The lower limit of the decreasing parallel channel also provides support at $ 214.
Ethereum is trading at $ 231 as of writing the news (according to CoinMarketCap data).