Ethereum had strong bullish momentum behind it after its ascent past the $700 mark in the past week. A move above $750 could see ETH reach $800, with $819 a projected target for bulls. Ethereum Classic was unable to hold on to its gains after rising past $6 and was forced back to a level of support. Bitcoin SV could also be headed south in the coming days.
Ethereum reached a local top of $747 and dipped to $688 over the past 36 hours. The $688 level represents the 23.6% retracement level for the move to the local high from $530.
The RSI showed bullish momentum for ETH and stayed above the neutral 50 line to indicate an uptrend in progress.
Using Fibonacci extension for this move, a 27% extension presented a target of $819 for the price. A session closing above $750 could see ETH head toward the psychological $800 level.
Ethereum Classic [ETC]
ETC was unable to climb past the $6.15 region that has served as a pocket of liquidity in the past. The sellers overwhelmed the buyers and forced the price back down to the level of support at $5.66.
The MACD formed a bearish crossover and descended beneath the zero line. Losing the $5.66 level to bearish pressure would accelerate ETC’s drop over the coming days.
The next level of support lies at $5 for ETC.
Bitcoin SV [BSV]
Using the Fibonacci retracement tool for BSV’s drop from $220 to $150, it can be seen that the price has found support atop the 23.6% retracement level. However, its movement has lacked a definite direction over the past few days.
It rose briefly to $175 but was forced to dip as low as $155 a few hours ago. The region of resistance at $175 has acted as stubborn resistance for a week, making it a target for bulls.
The longer-term trend has seen rising selling volume on the OBV but the past week saw bulls fight back and the OBV noted a series of higher lows.
A close below $164 on strong volume would see BSV drop to the $152 support level once more.
Where to Invest?
Subscribe to our newsletter