Ethereum, Synthetix, Compound Price Movement Analysis for 18th March, 2021

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Ethereum successfully defended a degree of funding, but it still faced opposition from $1,880, and buyer appetite was insufficient to catapult the market beyond that level. Synthetix and Compound can suffer more losses as they go down the crypto-ladder.

Ethereum [ETH]

Source: ETH/USD on TradingView

On the 4-hour map, ETH was able to hold the $1,780 support level while the RSI climbed up above neutral 50. This may signify a change of momentum, but it did not conclusively indicate that the bulls had regained control.

The OBV has been trending lower down the charts in recent days, though it has been trending north in the long term.

Ether encountered opposition at the $1,877 and $1,950 price ranges.

Synthetic [SNX]

Source: SNX/USDT on TradingView

SNX momentarily plunged below the market area of $19.4-$19.9, then soon climbed back above it. Despite the technical indicators indicating any short-term upward momentum, it appeared that SNX would once again fall below the $19.4 level.

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The MACD developed a bullish convergence in bearish terrain, while the CMF rose above +0.05 to suggest nett capital inflows into the market.

The rebound from the $17.7 mark, on the other hand, was small, and a retest of that level as support could be expected in the coming days.

Compound [COMP]

Source: COMP/USDT on TradingView

COMP was another token with a bearish short-term view. Following consistent selling pressure after $540, its price was moving far below the EMA Ribbons.

The Directional Movement Index (DMI) did not indicate a clear pattern in the context of the COMP – the ADX (yellow) was dropping, while both the +DI (blue) and -DI (pink) were below 20.

Buyers have reached the $413-$425 area, and a bounce back towards $450 can be seen. However, this could turn out to be just a rebound to $450 rather than a rebound to $500 or more.

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