Ethereum, Bitcoin SV, FTX Token Price Analysis: 12 March
Ethereum and Bitcoin SV were trading within a range and sought to defend levels of imminent support. FTX Token flipped a level of resistance at $37.5 to support but lacked momentum upward in the short-term.
On the hourly chart, Ether appeared to form a range from $1765 to $1850. The mid-point of this range lay at $1807, and ETH was trading just above this value at the time of writing.
In the short-term, the RSI was above the neutral 50 while the price was also at the mid-point of the range. This indicated that ETH was at a crossroads and could slip beneath $1807 to revisit $1765 once more over the next few hours.
Beneath the $1755-$1765 area, the next level of support for ETH is at $1694.
Bitcoin SV [BSV]
Bitcoin SV was also stuck between two levels of obstinate support and resistance at $170 and $192 respectively, for close to three weeks. The $185 level also served as support, and BSV held a value just above this level at $187.
The OBV showed that sellers were the majority in the time period BSV has been stuck beneath $192.
The MACD formed a bullish crossover below the zero line on the hourly chart and was rising to show short-term bullish momentum. A scalp long with a stop-loss of $184 and a target of $192 can be considered, although an ideal entry would be a retest of $185.
FTX Token [FTT]
FTX Token flipped the $37.5 level from resistance to support over the past 24 hours and has retested it on multiple trading sessions. The $37-$37.5 area would be an opportunity to buy. Using the Fibonacci Retracement for FTT’s surge from $24.3 to $38.9, the 27% extension level gives a target of $44.1.
The Awesome Oscillator was above the zero line while the DMI showed that the bullish trend was weakening strength, as the ADX threatened to drop below 20.
FTT has been a strong performer in recent months, and in the long-term, the $30-$36 area can be used to accumulate the coin in expectation of further gains in the coming months.