The Ethereum market was responsible for keeping the altcoins from a bearish trend as the Bitcoin market struggled to recover. Ethereum has seen a sharp 32% increase since its last fall on April 22nd. The digital asset has stayed near its high since then, and ETH even recently pushed for a new ATH.
Etheruem [ETH]
Source: ETHUSD on TradingView
At the time of writing, Ethereum was trading at $ 2,787, near the resistance level of $ 2,793. The price of the Alt was supported at $ 2,662.43 with the signal line and 50 moving average adding an additional level of support under the candlesticks. This digital wealth journey has been bullish lately, which has also been underscored by the emerging market.
Despite the aforementioned rally, ETH has stayed close to the equilibrium zone, suggesting that buying and selling pressures in the market have been balanced even though buying pressures increased slightly. The Ingenious oscillator also indicated an increase in upward pressure as ETH continued on its journey.
Bit torrent [BTT]
Source: BTTUSD on TradingView
BitTorrent’s graph found the asset to have been consolidating for some time, with the Alt maintaining that trend. Trading digital assets at $ 0.0069 showed that the market remained bullish. However, a decline in momentum indicated a possible reversal.
The limited trading range for BTT could pose a problem in identifying a sustained trend as the indicators indicated that buying and selling pressure was high. But the MACD The indicator showed a growing gap between the MACD line and the signal line, which could help bullish pressures persist in the short term.
Theta
Source: THETAUSD on TradingView
Theta’s market is up 51% over the past week and has been in a consolidation phase above $ 10.50. This level has previously strongly supported the value of the asset and has managed to keep the value higher. At press time, THETA was trading at $ 11.08 as the market opened to volatility.
The prominent trend was bullish at the time of going to press. However, the trend could be reversed as the money gradually drains out of the market and the signal line approaches a transition. This indicated that selling pressure was mounting and the digital asset may need to continue trading in its current $ 10 range.
The increasing pressure to sell was also indicated by the Relative Strength Index that was moving away from equilibrium and towards the oversold zone.
Sign up for our Newsletter
Comments are closed.