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As the Bitcoin market failed to rebound, the Ethereum market saved the altcoins from a bearish trend. Since its last decline on April 22nd, Ethereum has seen a powerful surge of 32%. Since then, the digital asset has stayed at its highest value, with ETH recently calling for a new ATH.
At the time of publication, Ethereum was trading at $2,787, similar to the $2,793 resistance mark. The alt’s price was sponsored at $2,662.43, with the Signal line and the 50 moving average providing additional support under the candlesticks. The digital asset’s journey has recently been bullish, as shown by the soaring demand.
Despite the rebound, ETH has stayed close to the equilibrium region, implying that the market’s buying and selling forces have been balanced, even if the buying pressure has been slightly increasing. As ETH began its ride, the Awesome Oscillator also indicated an increase in bullish intensity.
BitTorrent’s chart shows that the commodity has been consolidating for some time, and the alt is continuing this process. The digital commodity was trading at $0.0069, indicating that the market remains bullish. However, a drop in momentum suggested a potential turnaround.
As the indicators indicated the purchasing and selling pressures were tallied, the limited trading range for BTT may pose a challenge for detecting a long-term pattern. However, the MACD indicator was indicating a rising distance between the MACD line and the signal line, which could help the bullish pressure last in the short term.
Theta’s market has increased by 51% in the last week and was in a consolidation period above $10.50. This degree has historically served as a solid boost for the asset’s valuation, allowing it to remain higher. THETA was trading at $11.08 at the time of publication, as the market prepared for uncertainty.
At the time of publication, the dominant theme was bullish. The cycle, though, could reverse as capital began to pour out of the market and the Signal line approached a crossover. This indicated that selling pressure was increasing and that the digital asset would need to stay within its current $10 range.
The Relative Strength Index, which was heading away from equilibrium and into the oversold region, also hinted at increasing selling pressure.