Analysis

Ethereum, Aave, Zcash Price Analysis: 13 January

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Source: Pixabay

Ethereum’s losses were sustained at the $1,042-level as the market’s bulls stepped in and eased the selling pressure. At the time of writing, the strong resistance level at $1,139 was restricting ETH’s price, but the momentum could shift if the price manages to topple the upper ceiling. On the contrary, altcoins such as Zcash and AAVE were flashing green as buyers shunned a broader market trend and pushed the altcoins’ prices up the charts.

Ethereum [ETH]

Source: ETH/USD, TradingView

Ethereum has been trading back and forth between $1,139 and $1,042 since yesterday after a correction dragged the price from the $1,300-level. At press time, the world’s second-largest cryptocurrency by market cap traded at $1,066, down by over 6% in the last 24 hours. The market’s bulls might have to struggle to lift the price above $1,139 and since the momentum was resting with the sellers, such a move seemed unlikely moving forward.

What remains to be seen, therefore, is the impact that the current selling pressure could have on the price, and whether the present support level can hold the price from moving lower on the charts.

The Bollinger Bands highlighted the drop from recent highs as the price fell lower after testing the upper band multiple times over the past week and a half. In a bearish scenario, the candlesticks could move between the Signal line and the lower band in the near future.

The MACD was slightly more optimistic and suggested that a bullish crossover might be able to drive the price towards its upper ceiling.

Aave

Source: AAVE/USD, TradingView

Bucking the broader market trend, AAVE traded in the green after a period of heavy buying pressure pushed the price to record levels. During the time of writing, AAVE was trading at $136.25, up by 6.7% since yesterday. Moreover, the bullish momentum might not yet be at its tipping point, and the indicators suggested that prices could continue to see higher levels moving forward.

Since the Stochastic RSI was in the overbought zone, the price typically reverses and moves towards the oversold zone. If the index falls lower, the price could test its immediate support at $122.17. However, an extended bull run could see the index remain in the upper region for the next few trading sessions.

The On Balance Volume was hitting higher highs and underscored the buying pressure in the market.

Zcash [ZEC]

Source: ZEC/USD, TradingView

Much like AAVE, Zcash also registered positive gains across a turbulent broader market. A look at its 4-hour chart showed that ZEC has been on an uptrend since the beginning of the month, posting solid gains during this period. In fact, ZEC’s weekly gains of over 67% were the highest among most cryptocurrencies. For now, the market’s bulls have a strong grip over the crypto’s price, with the latter showing no signs of slowing down in the near term.

The Relative Strength Index was moving north towards the overbought zone, a sign that the price could surge even higher before an eventual correction.

The Parabolic SAR’s dotted markers were below the candlesticks, confirming the bullish nature of the price.