Ethereum has been coming off some strong bullish momentum since its ascent above $700 for the past week. A move above $750 could see ETH reach $800 with $819 a predicted target for bulls. Ethereum Classic failed to hold gains after rising above $6 and was pushed back to a support level. Bitcoin SV could also move south in the coming days.
ether [ETH]
Source: ETH/USD on TradingView
Ethereum hit a local high of $747 and fell to $688 in the last 36 hours. The $688 level represents the 23.6% retracement level for the move to the local high of $530.
The RSI showed bullish momentum for ETH and stayed above the neutral 50 line to indicate an ongoing uptrend.
Using Fibonacci extension for this move, a 27% extension represented a price target of $819. A session that closes above $750 could see ETH heading towards the psychological $800 level.
Ethereum classic [ETC]
Source: ETC/USDT on TradingView
ETC has been unable to scale above the $6.15 region, which has historically served as a source of liquidity. The sellers overwhelmed the buyers and pushed the price back to the $5.66 support level.
The MACD formed a bearish crossover and fell below the zero line. A loss of the $5.66 level on downside pressure would accelerate ETC’s decline in the coming days.
The next level of support is $5 for ETC.
Bitcoin SV [BSV]
Source: BSV/USDT on TradingView
Using the Fibonacci retracement tool on the BSV decline from $220 to $150, it can be seen that the price has found support above the 23.6% retracement level. However, its movement in recent days has lacked a clear direction.
It briefly rose to $175 but had to drop as low as $155 a few hours ago. The $175 resistance region has been acting as a stubborn resistance for the past week, making it a target for bulls.
The longer term trend has shown increasing selling volume in OBV, but for the past week the bulls have hit back and OBV has posted a series of higher lows.
A close below $164 on strong volume would see BSV drop again to the $152 support level.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.