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As the token traded sideways over the last two days, Ethereum failed to recapture the $4000 level. It was nearing its immediate price floor of $3715.04. Altcoins such as IOTA and Compound, which have been rallying since the beginning of the month, came to a halt as they briefly dipped on their respective charts. IOTA plummeted below the $1.70 price floor, while Compound moved closer to its immediate support level of $456.76.
The 4-hour chart of Ethereum showed a sequence of modest candlesticks, implying consolidation during the last three days. ETH has lost 0.5 percent in the last 24 hours and is currently trading at $3756.04.
The altcoin was trading close to its immediate support level of $3715.04. Another level of support was found at $3387.05, which also marked the coin’s weekly low price.
The candlestick for Ethereum was spotted below the 4-hours 20 SMA, indicating that the price was in favour of sellers. Awesome Oscillator responded by displaying a buy signal.
The Relative Strength Index was also below the half-line, indicating that purchasing strength had declined. On MACD’s histograms, there were growing red bars. If Ethereum breaks its consolidation on the upside, the overhead barrier was $4033.45.
IOTA’s remarkable ascent has been halted when the coin’s charts revealed a southward movement. It was trading at $1.69 after breaking through its $1.70 support line. The next significant drop may bring IOTA to trade near the $1.34 support line, after which it may return to its weekly low of $0.95.
Indicators indicated a gloomy trend. Red signal bars were spotted by Awesome Oscillator. After a modest resurgence of buying pressure, the Relative Strength Index remained just on the half-line.
Bollinger Bands have remained convergent, implying that market volatility will likely remain low in the future trading sessions. If buying strength recovers, prices could push to topple over the $1.70 mark and then retest its multi-month high of $2.
Over the last 48 hours, the compound was trading at $462.55 after its uptrend was broken. The technical chart of the asset indicated negative price momentum.
It was spotted getting close to its immediate support level of $456.76. If COMP falls below $456.76, it will trade near its weekly low of $430.06. The Awesome Oscillator was flashing red signal bars. As purchasing pressure decreased, the Relative Strength Index remained below its half-line.
As a result of the decrease in capital inflows, Chaikin Money Flow remained below its mid-line.
A resurgence of buying power could cause prices to breach the $488.80 price ceiling. Successfully trading above the $488.80 mark would push prices to reclaim the multi-month high of $519.37.