Ethereum, Ethereum Classic, Binance Coin Price Analysis: May 7th

Ethereum’s rally stopped at $ 3,600 and easing buying pressure indicated a slight pullback ahead of the next uptrend. Similarly, Ethereum Classic also forecast a retreat, but bullish market conditions could delay that outcome. After all, Binance Coin reflected a fairly balanced market, and expect sideways movement in the coming sessions.

ether [ETH]

Source: ETH / USD, TradingView

Since the last week of April, the price of Ethereum has been in a steady upward trend, with the world’s largest altcoin reaching several new record highs. Weekly gains are now 23.7% compared to Bitcoin’s 3% gains over the same period. EMA tapes At the beginning of the rally this expanded and confirmed a strengthening market trend. These ribbons can also double as support lines and helped identify them around $ 3,377.

With buying pressure eased after ETH cracked its last ATH above USD 3,600, some levels of support were put into action before the next upswing. MACD The line fell below the signal line and its histogram reflected a series of red bars. However, the index was still in the bullish territory and the price is likely to maintain its higher levels for the next few days.

Ethereum Classic [ETC]

Source: ETC / USD, TradingView

Ethereum Classic has seen exponential growth since the beginning of May. In fact, the weekly gains of nearly 300% are the highest among the top 15 coins by market cap. Although a correction has been due for some time, bullish market conditions have denied this result. According to Ingenious oscillatorThe momentum was still on the buy side while the trading volume on the exchanges was over $ 45 billion.

At the moment it was unclear exactly when a pullback would take place. RSI While showing overbought market conditions, the index has rebounded from 80 several times over the past week. Once a pullback occurs, some levels of support are at $ 123 and $ 90.6.

Binance coin [BNB]

Source: BNB / USD, TradingView

Similar to ETH and ETC, Binance Coin has seen strong gains since the last week of April. The charts showed that buyers grossed around $ 445, driving the price further north. However, since falling from record highs, the price has moved sideways between $ 656 and $ 604.

RSI has generally maintained a neutral stance between 45 and 55 during this period. ADX hovered around 17 showing a weak trend in the market. 24-hour trading volume was also subdued at the time of writing and some sideways movement is expected. On the flip side, a break above $ 656 could spur some buying in the market and push the BNB to fresher record highs.

Sign up for our Newsletter

Comments are closed.