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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Is Poised to Surge Above $300 By the End of June, Trader Asserts

Nick Chong
Nick Chong
5 years ago
2 mins read
ethereum price

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As of June 1st, Ethereum was up 25% in the past week alone. But right on cue, the cryptocurrency market saw a harsh correction on Tuesday morning that wiped out the gains seen on Monday.

Bitcoin crashed $1,500 in three minutes on BitMEX, while other cryptocurrencies such as ETH experienced losses in their own markets. This was a drop that took the wind out of the cryptocurrency market’s proverbial sails.

Related Reading: Crypto Tidbits: Bitcoin Nears $10k, Goldman Sachs Talks Cryptocurrency, Chinese Yuan Slumps

John Bollinger, a prominent technical analyst known for making the indicator the “Bollinger bands,” said that Bitcoin investors should be cautious at current prices:

“The is a Head Fake at the upper Bollinger Band for $btcusd, time to be cautious or short.”

The is a Head Fake at the upper Bollinger Band for $btcusd, time to be cautious or short.

— John Bollinger (@bbands) June 2, 2020

Despite this, some remain optimistic about cryptocurrencies, Ethereum especially.

Analyst Still Bullish on Ethereum

Ethereum is primed to fall towards the low-$200s after today’s correction but is still on track to hit $300 by the end of June according to an analyst.

The analyst in question shared the chart below illustrating that ETH recently saw a textbook break out of a symmetrical triangle, showing the trend is still positive:

“As I don’t believe this dip is the end of all crypto, I’m patiently waiting to long low $200 $ETH into $300 by the end of the month.”

Ethereum price

Another trader shared the optimism, writing:

“Things not looking that bad right now, would be nice if we could see a retest of the $220 level before we continue higher as we have not even validated it as support. Even with today’s pretty harsh selloff, this structure is still remaining as bullish for now.”

Reasons to Be Bullish on ETH

There is a confluence of fundamentals corroborating the widely bullish sentiment investors have about Ethereum.

As reported by NewsBTC previously, Defipulse.com shared that there is now over $900 million worth of assets locked in DeFi applications.

It’s a trend that shows DeFi is growing, and as a result, so should Ethereum. The founder of Ethereum-based app MakerDAO said:

“4 million Dai was just minted with WBTC in a single transaction. This really showcases the latent demand for non-ETH assets, and it’s the beginning of a broader trend of DeFi acting as an economic vacuum that will eventually attract almost all value to the Ethereum blockchain.”

Adding to the expectations of ETH upside is an analysis by the founder of Mythos Capital, Ryan Sean Adams.

He wrote that the asset is “doubly” undervalued, noting that the transaction fees collected by Ethereum miners have recently spiked.

This is relevant because according to Adams, the price of ETH has been closely correlated with the transaction fees collected for the past five years.

Related Reading: Ethereum DeFi Nears $1 Billion Milestone Again, and That’s Big for the ETH Bull Case
Featured Image from Shutterstock
Tags: XBTUSD, BTCUSD, BTCUSDT
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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