In the event of a breakout of $ 2,910-3,150, Ethereum expected a strong rally. IOTA is targeting a move towards $ 2.24 if it breaks the 50% Fibonacci level ($ 1.67). Finally, Uniswap showed weakness when the price declined at its 50% Fibonacci level ($ 29.03).
ether [ETH]
Source: ETH / USD, TradingView
Ethereum’s cap of around $ 2,910 has been in the spotlight since the May 19 crypto sell-off. However, despite several attempts, the bulls have failed to force a breakout above this ceiling. Unfortunately, the formation of higher lows at $ 2,160, $ 2,300, and $ 2,560 resulted in the formation of an ascending triangle.
A breakout above USD 2,900 and USD 3,151 could trigger a sharp rally for ETH, especially as the bullish sentiment would be high after crossing the 200-SMA (green). For such a result, the selling pressure would have to ease, but the OBVs The downtrend indicated exactly the opposite. In fact, the indicator also formed a bearish divergence from the price.
Breakouts would be difficult in such a scenario and bulls would do well to keep ETH above the USD 2,550 support. In the meantime it is RSI appeared to be stabilizing at around 50 and defending the lower trendline from a collapse would increase the chances of a favorable outcome in the days ahead.
JOTA
Source: IOTA / USD, TradingView
Sellers returned on the IOTA market at the 38.2% Fibonacci level ($ 1.42) and a move south was observed in the last two sessions. The 23.6% level is expected to mitigate incoming losses, but a breakdown could pull IOTA towards the $ 0.923 support. For the bulls, an important area to hit was above the 50% mark ($ 1.67) and 200-SMA (green). A successful breakout could trigger a rally towards $ 2.24.
The MACD kept heading north – a sign of a rebound from the bear market. Despite several break-ins that CMF was trading above the half-line as capital inflows outweighed outflows.
Uniswap [UNI]
Source: UNI / USD, TradingView
Much like its counterpart IOTA, Uniswap has also been denied at a major resistance level in its 12 hour timeframe. In the case of UNI, the price could not go above the 50% Fibonacci level ($ 29.03) as some selling pressure was noted in the last session. Although the MACD Line above the signal line, the histogram found some weakness.
A rebound from 38.2% ($ 25.25) could produce a bullish result, but a loss of 23.6% (20.58) could push UNI back to number one between $ 13-16 . The RSI pointed south from 50 and was able to maintain a certain neutrality in the coming meetings.
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