Ethereum [ETH] & EOS Price Action – Altcoins Spring Back to Life After a Long Spell of Consolidation
After one and half months of consolidation where several Doji candles formed on the weekly chart, Ethereum has sprung back to life along with all major altcoins as seen during yesterdays spike.
The price spike brought the price above a former point of buyer liquidity and price resistance at $166.
If the price can close above this point on the weekly, the next key level to monitor is $195.90 which provided support numerous times during price action in September and October.
The price increase seen over the past two days has brought the price to over double its 2018 low whereas many major cryptocurrencies such as Bitcoin have yet to double from their lows formed in 2018.
The price managed to rise above the $166 level yesterday but failed to close above.
It has followed up today with a rise above the level but has since retraced from the intraday highs formed.
The price fell back below the $166 level on the retracement but has since followed up with another wave of buying.
Both the MACD and RSI are increasing across the weekly, daily, and 4-hour timeframes reflecting high amounts of buying pressure across all.
EOS has been performing better than Bitcoin and Ethereum over the past few weeks.
While Bitcoin and Ethereum continued to consolidate, EOS also recorded some weeks of consolidation but had a strong price performance last week and also saw increases in February.
The price spike taking place has managed to bring price above the key weekly level of $4.96 which acted as a key support level between August and November.
The next key level to monitor for EOS is $5.89 which is an important level on the longer-term monthly timeframe.
The level acted as support in 2018 and also acted as resistance once price fell below.
The price may find significant amounts of selling pressure at this level.
Contrasting Ethereum, EOS managed to move above its key weekly level during yesterdays price action.
After a brief retracement close to the level, the price followed up with another wave of buying today.
Similar to the Ethereum, the weekly and daily MACD for EOS are increasing reflecting high amounts of buying pressure.
- After months of consolidation, the price of Ethereum has undergone a price spike and rose above a key weekly level.
- The price spike brings an end to a prolonged period of consolidation for Ethereum.
- The next key level to monitor for EOS is $5.89 where the price may find significant amounts of selling pressure.
- The MACD and RSI are increasing across multiple timeframes in both Ethereum and EOS reflecting high amounts of buying pressure.
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