Ethereum was rejected above the $1,877 level but losses were expected to be minimal considering the positive nature of the broader crypto market. Gains on BSV were capped at the $227.4 mark, while DOGE looked likely to climb above $0.0631 resistance.
Ethereum met with some rejection above the $1,877 level but the bulls held on to the aforementioned support mark at the time of writing. The On Balance Volume dipped over the last few sessions as sellers sought to capture the market. The RSI moved southbound from just beneath the overbought zone, a sign that buyers were losing strength.
Support at $1,702 was a crucial juncture for the bulls as it coincided with the 200-SMA. A fall towards this level could spur some buying at a discounted price. Considering gains in the market leader Bitcoin, capital inflows were plenty in the crypto market and the same could prevent Ether from falling towards its long-term moving average.
Bitcoin SV [BSV]
A spike in price saw Bitcoin SV rise by 17.5% in a single session but gains were capped at the upper ceiling of $227.4. From that point, sellers rejected the price and BSV dropped by nearly 8% on the charts. The Bollinger Bands showed a high degree of volatility in the market as the candlesticks reversed trajectory from trading on the upper band. Some stabilization can be expected at its immediate support if the price continues to drop over the coming sessions.
That development could in fact be healthy for BSV in the medium-term, as the price flipped a crucial resistance mark at $191.75, an area that was not breached in the last two weeks. The MACD still favored the buyers but the histogram noted a decrease in buying momentum.
The RSI on Dogecoin nosedived from the upper region as the price met with a strong resistance mark at $0.0631. Nevertheless, there was a large presence of bullish sentiment in the market as successive green candlesticks formed prior to the fall during the last session. The Awesome Oscillator still showed strong momentum on the bullish side. With a sharp rise in trading volumes, it looked like just a matter of time till the overhead resistance was breached, despite some bearish conditions in the market.
Such a case would present the next challenge at $0.070, a region that DOGE has failed to reach in the last 30 days. If the sell-off extends for a longer duration, support at $0.05 could cushion the losses.