Ethereum, IOTA, Compound Price Analysis: 24 March
Ethereum attempted a comeback above resistance at $1738.6 at press time, catalyzed by bullish on-chain metrics. IOTA moved north of $1.45 resistance and could stabilize below its press-time resistance. Lastly, Compound picked up from $325.3-support after the price broke downwards from a descending triangle.
A breakdown from a previous channel of $1,842 and $1,738.6 saw Ethereum move toward the $1,655-level. At the time of writing, the world’s largest altcoin mounted a comeback from the aforementioned support and tested its overhead resistance. MACD line rose above the Signal line and backed a favorable short-term outcome.
OBV showed a bit of a bullish divergence as the index formed higher lows as ETH moved north on the 4-hour timeframe. With March 26 soon approaching, ETH may witness some short-term-bearishness following the expiry of 1.15 Billion ETH options.
An upward breakout from $1.45-resistance saw IOTA move north and into a region last seen over a month ago. While OBV surged during the breakout, the index saw some choppy movement over the last few sessions. This showed some indecision between buyers and sellers as the price settled under the upper ceiling of $1.706.
This could lead to a period of consolidation, especially since the 24-hour trading volumes were muted at the time of writing. Meanwhile, MACD closed in on a bearish crossover, and an unfavorable outcome would highlight support at $1.45.
Following a retest of the lower trendline at $422.9, Compound fell sharply after a breakdown from a descending triangle. Lower highs on OBV highlighted strong selling pressure as the price retraced by over 15% from the lower trendline till $352.38-support. The current support mark, however, did fuel a bullish rally after the pullback on February 28, and the buyers would look to target a similar outcome.
A bullish crossover in MACD could see the market shift strongly in favor of the buyers, but higher trading volumes were needed for a rise above the overhead resistance. In the event of a favorable breakout, levels to look out for would be $407, $422.9 and $447.4.