Ethereum, Synthetix, Compound Price Analysis: 08 February
Ethereum cushioned its losses at the $1,536 support as the bulls targeted a rise above the 20-SMA. SNX and COMP found support at different levels on their respective charts and projected a rise towards their all-time highs once again.
Ethereum bulls held on to the $1,536 support level and fueled a bullish bounce-back to the $1,667 price target. The Chaikin Money Flow suggested that the flow of institutional money may have had a hand in alleviating the most recent selling pressure. The MACD showed that the market still belonged to the bears as the signal line moved above the fast-moving line, although the momentum was waning according to the histogram.
The next few sessions could be crucial for the world’s largest altcoin as a fall below the 50-SMA (yellow) could lead to a potential downtrend in the medium-long term. Conversely, a rise above the 20-SMA (blue) could see ETH trade near record levels once again.
The Bollinger Bands on Synthetix captured strong volatility over the past few days as the cryptocurrency climbed to its all-time high and then moved southbound on the charts. Following the correction, the price picked up from $18.9 support as the bulls targeted record levels. A bullish divergence on the Relative Strength Index explained the price surge over the past 24 hours.
Despite the bullish prediction, trading volumes remained muted and so did the buying activity. A broader crypto rally could be needed to push SNX higher. In the case of a fall, the next support levels lie at $18.83 and $17.7.
Contradictory to bearish projections, Compound surged by over 7% on the charts over the past 24-hours as momentum shifted towards the bullish side. The Awesome Oscillator noted the aforementioned momentum, as the bars switched to green. The Stochastic RSI also backed the bullishness as the index moved upwards after a crossover in the oversold region.
A rise above $483 could see COMP trade close to its most recent all-time high. In case the bullish momentum loses steam over the next few sessions, support at $367 could come into the spotlight.