Ethereum eyed further losses towards a defensive line of $2,100. Monero was tipped to defend $221-support from selling pressure. Finally, THETA could reclaim the region above $9 in case of a breakout from $8.27.
Ethereum [ETH]
Source: ETH/USD, TradingView
The EMA Ribbons registered a crossover on 8th June as a bearish trend returned to the Ethereum market. Incidentally, the crossover occurred once ETH was denied a break above $2,850. Trading at $2,360 at press time, ETH threatened to drop towards $2,100 over the coming sessions. On its next downcycle, bulls must be wary of maintaining losses above $2,100. Failing to maintain losses at this level could trigger an even sharper sell-off towards 19th May swing low of $1,850.
While Squeeze Momentum Indicator did notice a decline in bearish momentum, any upside would likely be denied by the EMA Ribbons which often act as resistance zones.
Monero [XMR]
Source: XMR/USD, TradingView
Monero’s next strong support lay at its 8th June swing low of $221. Since MACD was close to a bullish crossover and Squeeze Momentum Indicator noted declining bearish momentum, there was a good chance that XMR would successfully defend the aforementioned level from a breakdown. Such a development could result in some sideways movement before bulls attempt a breakout above the $280-ceiling.
If bears prevail and XMR concedes $221 to sellers, another 15-20% retracement was possible towards a demand zone of $174.1 and $190.8.
THETA
Source: THETA/USD, TradingView
THETA’s down-channel was highlighted in a previous analysis and so was the threat of a breakdown. Losses amounted to 17% when calculated from the bottom trendline to THETA’s 22 May swing high of $7.30. However, the price did notice a slight uptick at the time of writing and attempted a break above $8.27-resistance.
A bullish crossover in the MACD highlighted the potential shift of market dynamics back to the buyers. RSI headed back towards the neutral territory. A rise above 50-60 would indicate bullish strength and heighten chances of a swift comeback towards the $9-mark.
