Ethereum has reached a local top of $747 and has plunged to $688 over the past 36 hours. The $688 level represents the 23.6 percent retracement level for moving from $530 to the local high.
The RSI showed a bullish momentum for ETH and remained above the neutral 50 line to indicate an uptrend in progress.
Using Fibonacci extension for this move, the 27 per cent extension set a price target of $819. A session closing above $750 could see ETH head towards a psychological $800 level.
Ethereum Classic [ETC]
ETC was unable to climb past the $6.15 region that has served as a liquidity pocket in the past. The sellers overcame the buyers and forced the price back to the level of support of $5.66.
The MACD formed a bearish crossover, descending below the zero line. Losing $5.66 to bearish pressure would accelerate ETC’s decline over the next few days.
The next level of support is $5 for the ETC.
Bitcoin SV [BSV]
Using the Fibonacci retracement tool to reduce BSV from $220 to $150, it can be seen that the price of support has been found at the top of the 23.6 percent retracement level. However, in the last few days, its movement has lacked a definite direction.
It rose briefly to $175 but was forced to dip as low as $155 a couple of hours ago. The $175 region of resistance has been acting as a stubborn resistance for a week, making it a target for bulls.
The long-term trend has seen an increase in sales volume on the OBV, but in the past week bulls have been fighting back and the OBV has seen a number of higher lows.
Close to $164 on a large volume would see BSV drop to $152 in support again.
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