With Bitcoin clocking in a 4.65% 24-hour gain, at press time, domino effects are seen on multiple cryptos. To start with, Ethereum crossed above its 4-hour 20/50 EMA post its down-channel breakout. However, now it could see some roadblocks near its high liquidity range.
On the flip side, Fantom and PancakeSwap struggled to overturn their 20 EMA while their near-term technicals tilted in favor of sellers.
Keeping a bird’s eye view on a three-month timeline, ETH managed to bag in newer peaks and troughs. The buyers have gradually started maneuvering the long-term outlook in their favor.
During the recent sluggish phase, ETH lost the crucial $3,000-mark while the bears found a cushion at the $2,800-level. The sellers pulled down the second biggest alt to test the lower trendline of its long-term falling wedge (yellow). As an outcome, the bulls quickly reacted while pushing ETH above the 20/50 EMA.
At press time, ETH was trading at $2,998.3. After a reversal from the oversold mark, the RSI bounced back in a well-needed rally over the last day. Also, the CMF peaked to depict a rush in money volumes over the past day. But with its recent peak, it bearishly diverged with the price. So, a short-term setback could be likely before the bulls re-enter to display their edge.
Since closing below the $1.6-level, FTM bears forced a steep downfall whilst maintaining its three-week trendline resistance (white, dashed). The digital currency lost nearly 41.3% of its value (from 2 April) and hit its seven-month low on 25 April.
Mimicking the broader recovery, the alt was up by over 7.83% over the past day. A close above the 20 EMA (red) would be imperative to gain even a short-term edge and test its resistance in the $1.1-mark.
At press time, FTM was trading at $1.0603. The RSI could not find a spot above the mid-line and exhibited a slightly bearish stance. Additionally, MACD‘s histogram jumped the zero-mark, but its lines were yet to follow. All in all, the bulls had some serious work to do in toppling its immediate price barriers.
The sellers have finally seemed to puncture CAKE’s six-week trendline support and flipped it to resistance. In its recent slip, the altcoin paid no respect to the $8.6-support while continuing its southbound rally.
Consequently, the price is being bogged down to the lower band of the Bollinger Bands. A likely recovery from its immediate defending zone could help dress the wounds of the recent fall.
At press time, the digital currency traded below 81.1% of its ATH at $8.246. The RSI was still in denial for a bullish edge as it continued to ride south. An extended correction from here could propel a recovery from the oversold mark.