The cryptocurrency market was under the bearish pressure till yesterday, but now today the currencies are joining the bullish movement. The cryptocurrencies such as Bitcoin, Ethereum and Ripple are experiencing a surge in their values and with this surge, we can say that Ethereum could achieve its aimed mark of $350 USD if the bullish movement remains strong against bearish corrections.
On May 30th the value of the currency was trading at a decreased value of $235.44 USD at 21:00 UTC after being in the bullish trend in 5 weeks. Yesterday on May 31st the value of Ethereum increased and it was trading at the value of $256.69 USD. Yesterday value of Ethereum is a positive move by the cryptocurrency towards its aim of achieving the mark of $350.
Current Status of Ethereum (ETH): Currently, Ethereum is trading at the value of $269.79 USD and its value is increased by 5.36%. The market capitalization of the currency is at the value of $28,680,430,575 USD and the 24-hour volume of the currency is $10,594,735,111 USD. The circulating supply of the currency is 106,308,169 ETH.
The Ethereum’s price establishes its year-to-date highest at the value of $288.77 USD on the Coinbase cryptocurrency exchange. The price level has also experienced an enormous selling sentiment in the crypto market because traders have quitted their long-standing to make some better intraday profit.
The value of the Ethereum has been hovering between the bull pennant creations and testing the price at $288.77 USD. The increase in the value of the Ethereum is just as breakout action, as per the bull pennant and could move as high as pennant’s flagpole, but the breakout is revealed as fakeout. The bull pennant model is showing it is going to continue its hovering in between the range.
The value should ideally pursue its former movement, which was a bullish trend in the Ethereum. The next trend will be going to increase its volume up to $135 and even higher. The value of the currency is increased up to $400 USD. The bull pennant is showing creating symmetrical triangle structure in the Ethereum price chart. In the technical signal, the intra-range value action is identical in both the charts, but there is a change in the breakout.
The breakout aim becomes the height between the initial high and initial low in the symmetrical triangle creation. In the Ethereum’s case, it is $65-long. If the value breaks near the Ethereum’s resistance level of the triangle and it gets the help of increase volume then surely Ethereum will reach near the value of $350 and it would aim the breakout target of $65 higher from the point of the break.