Compound, Ethereum, IOTA Price Analysis for 24th March, 2021

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After breaking down from a descending triangle, the price of the compound rose from $325.3-support. At press time, Ethereum attempted a comeback over resistance at $1738.6, aided by bullish on-chain metrics. IOTA has pushed north of the $1.45 resistance mark and could be able to stable below its press-time resistance.

Compound [COMP]

Compound dropped sharply after a breakup from a descending triangle after a retest of the lower trendline at $422.9. Lower highs on OBV suggested heavy selling pressure, as the market retraced more than 15% from the lower trendline to $352.38-support. The current support level, on the other hand, fueled a bullish rally following the February 28 pullback, and investors will hope for a similar outcome.

A bullish crossover in MACD could cause the market to change heavily in favour of sellers, but higher trading volumes were needed to break through the overhead resistance. Levels to watch for in the event of a favourable breakout are $407, $422.9, and $447.4.

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Ethereum [ETH]

Source: ETH/USD, TradingView

Ethereum moved towards the $1,655 mark after breaking into a previous channel of $1,842 and $1,738.6. At the time of publishing, the world’s largest altcoin had staged a rebound from the previously listed funding and was testing its overhead resistance. The MACD line crossed over the Signal line, indicating a positive short-term result.

On the 4-hour timeframe, OBV displayed a bullish divergence as the index developed higher lows as ETH headed north. With the expiration of 1.15 billion ETH options approaching on March 26, ETH can experience some short-term bearishness.


Source: IOTA/USD, TradingView

IOTA moved north and into an area last seen over a month ago after breaking through $1.45 resistance. Though OBV rallied during the breakout, the index has been choppy in recent sessions. When the price settled below the upper limit of $1.706, this indicated any buyer and seller indecision.

This may result in a period of consolidation, especially because 24-hour trading volumes were poor at the time of writing. Meanwhile, MACD is approaching a bearish crossover, and a negative result will demonstrate support at $1.45.

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