CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.67% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

Ethereum price analysis: approaching breakout zone

By Nathan Batchelor

12:07, 25 June 2020

Ethereum price analysis

Ethereum has been one of the best performing top cryptocurrencies over recent days, as the second-largest crypto tracks Bitcoin higher.

Ethereum price analysis shows that the cryptocurrency is on the verge of a major technical breakout on the daily time frame.

ETH/USD medium-term price trend

The ETH/USD pair had been rallying above the $240.00 level as the recent recovery from the $220.00 support area gathers pace.

It is possible that if Bitcoin breaks above the $10,000 level then Ethereum could also enter into a new bullish phase.

Ethereum technical analysis shows that a breakout above the $250.00 level is required to increase technical buying interest.

Ethereum technical analysis

The daily time frame shows that the ETH/USD pair had reached critical trendline resistance, around the $250.00 technical area.

If bulls can manage to break this key trendline, Ethereum could start to rally back towards its current 2020 trading higher, around the $300.00 area.

What is your sentiment on MATIC/USD?

0.47158
Bullish
or
Bearish
Vote to see Traders sentiment!

Gold

2,630.53 Price
+0.260% 1D Chg, %
Long position overnight fee -0.0151%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.30

ETH/USD

3,273.25 Price
-0.180% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 1.75

US100

21,442.30 Price
+0.910% 1D Chg, %
Long position overnight fee -0.0234%
Short position overnight fee 0.0012%
Overnight fee time 22:00 (UTC)
Spread 1.8

BTC/USD

94,747.45 Price
-0.360% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 50.00

ETH/USD short-term price trend

Ethereum technical analysis shows that the cryptocurrency has a strong short-term bullish bias while the price trades above the $240.00 level.

The four-hour time frame currently shows that a bullish inverted head-and-shoulders pattern has formed.

Ethereum technical analysis

According to the size of the pattern, the ETH/USD pair could be preparing to rally towards the $280.00 area.

Short-term traders should note that the $250.00 level is the neckline of the bullish pattern, with around $30.00 of upside potential.

ETH/USD technical summary 

Ethereum technical analysis shows that the ETH/USD pair could be preparing to rally towards the $300.00 resistance level. The cryptocurrency could launch into a major new uptrend if Bitcoin breaks the $10,000 level.

Rate this article

Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 660,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading