- ETH price started a strong upward move after it broke the key $250 resistance against the US Dollar.
- The price even broke the $255 and $260 resistance levels to move into a positive zone.
- There is a major bullish trend line forming with support near $252 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is correcting lower, but dips remain supported near the $255 and $252 levels.
Ethereum price rallied recently with a positive momentum versus the US Dollar, similar to bitcoin. ETH price is now trading with a bullish bias and dips remain supported on the downside near $255.
Ethereum Price Analysis
After forming a support base near the $240 level, Ethereum price broke the $245 resistance against the US Dollar. The ETH/USD pair gained bullish momentum after it broke the $250 resistance and the 100 hourly simple moving average. The bulls took control and pushed the price above the $255 and $260 resistance levels.
As a result, the price traded to a new weekly high above the $260 level at $264. The price traded close to the $265 level and it is currently correcting lower. At the moment, the price is correcting lower below $260 and the 23.6% Fib retracement level of the recent wave from the $246 low to $264 high. On the downside, there are many support near the $255 and $252 levels.
An initial support is at $255 and the 50% Fib retracement level of the recent wave from the $246 low to $264 high. Moreover, there is a major bullish trend line forming with support near $252 on the hourly chart of ETH/USD. The trend line coincides with the 61.8% Fib retracement level of the recent wave from the $246 low to $264 high.
Therefore, if the price corrects lower, it is likely to find a strong buying interest near the $255 and $252 levels. A break below the trend line might push the price back towards the $250 pivot level. On the upside, an initial resistance is near the $262 and $264 levels. A clear break above the $265 level might call for a test of $275.
Looking at the chart, Ethereum price is clearly trading with a positive bias above the $255 and $250 support levels. As long as there is no close below $250, the price is likely to grind higher in the coming sessions.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently moving in the bullish zone, with a few negative signs.
Hourly RSI – The RSI for ETH/USD is currently well above the 60 level and is correcting lower.
Major Support Level – $255
Major Resistance Level – $265
Ethereum Price Could Reach $900, Predicts Elliott Wave Analyst
Lately, the top crypto Bitcoin has been enjoying incredibly rapid growth. In the last 24 hours, Bitcoin price has increased by over 11% and currently makes up $ 12,612 per coin, with $ 224,2 billion market cap. While many hope that BTC price surge indicates the beginning of a new long-lasting bull cycle, crypto geeks start moving faster allocating their capital to other crypto tokens, and the first option to invest in after Bitcoin is Ethereum.
Benjamin Blunts, a popular crypto trader and Elliott Wave technical analyst, has compared Ethereum movement in 2017 and now and found a striking resemblance between price actions. On Twitter, he demonstrated the results of his analysis and wrote that he has a kind of deja-vu.
In his post, Benjamin Blunts noted that on both charts, there is the declining volume from wave A to the apex of the triangle. Decreasing volume with the market in consolidation is considered bullish, which means that when price contracts at the apex and sellers are drained, demand overwhelms supply and leads to a breakout.
Further, the analyst pointed out that the key level to break is $302. The sideways movement started on June 16, when Ethereum broke out at the $277 price level after the consolidation. Bulls propelled the coin towards the $289 level and broke it up. The bullish momentum extended to $318 supply level.
At the moment of writing, Ethereum is trading at $333.31 per token. If Benjamin Blunts is right, we may see a lot of surprising things in the nearest future, and one of them is Ethereum reaching $900.
Bullish Predictions On Ethereum
Benjamin Blunts seems to be optimistic about Ethereum in general. Earlier, he predicted a bullish run on the market, saying that this will happen anyway, it is just a matter of time when. Moreover, he once stated that Ethereum can be a new Bitcoin.
Indeed, the new highs are anticipated, and there’re several reasons for that.
First, On January 3, 2020, a new version of Ethereum will be introduced. The date coincides with Bitcoin’s 11-year anniversary. Ethereum 2.0 is expected to facilitate on-chain transactions and ensure the highest level of security and preserve decentralization.
Also, as we’ve previously reported, MetLife’s Singapore-based incubator LumenLab has partnered with media corporation Singapore Press Holdings (SPH) and insurance company NTUC Income (Income) to roll out Ethereum-based smart contract platform known as Lifechain.
This initiative marks the growth of Ethereum blockchain as well as ETH token popularity allowing Ethereum supporters think that one day this currency may become a new Bitcoin, as Benjamin Blunts once stated.
Ethereum (ETH/USD) forecast and analysis on June 26, 2019
Cryptocurrency Ethereum (ETH/USD) is trading at 310. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Ethereum. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.
Ethereum (ETH/USD) forecast and analysis on June 26, 2019
As part of the Ethereum course forecast, a test of level 306 is expected. From where we can expect an attempt to continue the growth of ETH/USD and further development of the upward trend. The purpose of this movement is the area near the level of 342. The conservative area for buying of Ethereum is located near the lower border of the Bollinger Bands indicator strip at the level of 300.
Cancellation of the option to continue the growth rate of Ethereum will be the breakdown of the lower border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing of quotations of the pair below the area of 280. This will indicate a change in the current trend in favor of a bearish for ETH/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bars, one should expect an acceleration of the fall of the cryptocurrency.
Ethereum (ETH/USD) forecast and analysis on June 26, 2019 implies a test level of 306. Further growth is expected to continue to the area above the level of 342. The conservative area for buying Ethereum is located area of 300. Cancellation of the growth option of cryptocurrency will be a breakdown of the level of 280. In this case, we should expect a further fall.
A Second Chance With Ethereum For Those That Missed the Bitcoin Boat
There is no stopping Bitcoin at the moment as the king of crypto keeps heading skywards. As BTC touched $13,000 today many are asking ‘am I too late to get in’. The long term answer is clearly a no, but there are still good gains to be made on Ethereum if it repeats the performance from 2017.
Ethereum Still Undervalued
Bitcoin may well be up 240 percent this year and hitting new highs every day this week but all is not lost for those that think they have missed the boat. Corrections will happen, they always do, but many are now claiming that there will no longer be any four digit Bitcoin available to buy.
Looking at the second largest crypto asset on the market shows that it is still massively undervalued, especially when compared to its bigger brother. Bitcoin is now less than 40 percent down from its peak whereas Ethereum is still over 75 percent away from its giddy height of $1,400 back in January last year.
Today ETH has managed to ride the coattails of BTC pulling in another 7 percent to reach $335. As noted by ‘CryptoFibonacci’ ETH could be approaching resistance again now.
Ethereum gains in recent months have been sluggish in comparison. Granted, ETH is up 150 percent since the beginning of the year but it did get battered over 90 percent from ATH.
Crypto twitter commentator
‘Bleeding Crypto’ has also observed this:“IF missed the BTC run. You HAVE A SECOND CHANCE with ETH. Look at the historical Screen shots and see for yourself that ETH has outperformed BTC in ROI year after year. Unless you want to listen to those ignorant ***** that say ETH is dead. R U going to blow it with ETH too?”
Last year Ethereum shot from current prices in mid-November to top $1,400 just two months later. That is a gain of 325 percent in just a few weeks. Of course, there is no ICO boom this time around and Ethereum has been lacking fundamental momentum with Serenity delays, but the ecosystem still has huge potential for even bigger gains.
What About Other Altcoins?
Ethereum is not the only undervalued altcoin. Those Bitcoin maximalists on CT will be partying right now but if a repeat of 2017 is on the cards, altseason could be just around the corner. Many are way down, over 80 percent from their peaks, so potential for gains will be greater when funds start shifting into altcoins.
Total market capitalization hit $365 billion today, but Bitcoin holds $225 billion of it alone. It is only a matter of time before the ratio adjusts and Ethereum is likely to lead the way when it does.