Ethereum’s losses were supported at the $ 1,042 level as market bulls intervened. They eased the selling pressure. At the time of writing, the high resistance level at $ 1139 is restraining the price of ETH. But the momentum could change if the price manages to push down the upper cap. On the contrary, altcoins such as Zcash and AAVE were flashing green, and buyers were avoiding a broader market trend. They were pushing altcoin prices up in the charts.
Ethereum has been trading between $ 1139 and $ 1042 since yesterday after a correction. This dragged the price down from the $ 1,300 level. At press time, Ethereum was trading at $ 1,066, down more than 6% in the past 24 hours. Bulls in the market might find it difficult to push the price above $ 1139. As the momentum rested on the sellers, such a move seemed unlikely.
So it remains to be seen what impact the current selling pressure could have on the price, and whether the current support level can prevent the price from falling on the charts.
The Bollinger bands pointed to the decline from recent highs. The price fell after testing the upper band several times over the past week and a half. In a bearish scenario, the candlesticks could move between the Signal line and the lower band in the near future.
The MACD was slightly more optimistic. He suggested that a bullish cross could drive the price towards its upper ceiling.
Against the general market trend, the AAVE traded in the green after a period of strong buying pressure. Which pushed the price to record highs. At the time of writing, AAVE was trading at $ 136.25, up 6.7% from yesterday. Additionally, the bullish momentum may not yet be at its tipping point. Indicators suggest that prices may continue to see higher levels advance.
Since Stochastic RSI was in the overbought zone, the price usually reverses and moves towards the oversold zone. If the index falls lower, the price could test its immediate support at $ 122.17. However, a prolonged bull run could see the index stay in the upper region for the next few trading sessions.
TheOn Balance Volume was reaching higher highs and underscoring the buying pressure in the market.
Much like AAVE, Zcash also saw positive gains in a larger and turbulent market. A look at its 4 hour chart showed that the ZEC has been on an uptrend since the start of the month. It shows solid gains during this period. In fact, ZEC’s weekly earnings of over 67% were the highest of most cryptocurrencies. For now, bulls in the market have a strong hold on the price of crypto. The latter shows no signs of slowing down in the short term.
Therelative strength index was moving north towards the overbought zone. This is a sign that the price could climb even more before a possible correction.
The dotted markers of the Parabolic SAR were below the candlesticks. They confirm the bullish nature of the price.
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