Ethereum Price Analysis: ETH Outperforms Among Top 3 Cryptocurrencies
Similar to the market leader Bitcoin, Ethereum underwent a bearish drop today but has since recovered and is currently recording an increase on the daily candle.
If Fibonacci retracements are drawn from Decembers low to January’s early high, we can see that price has been finding support and resistance at a number of the levels.
Today’s bearish drop brought the price below the $114 support, but price found buyer liquidity 0.618 retracement level and has been increasing since.
Price has been rising since the drop but now seems to be meeting resistance at a point where price found some buyer liquidity during Sundays drop at $118.
The price has already met resistance at this point a number of times during the week as price consolidated.
Multiple tests of a resistance level make it weaker with their being progressively fewer sellers to hold the level on each test.
This increases the likelihood that price can rise above this level during today’s trading.
The MACD and RSI are also increasing showing short-term momentum are with the buyers. Furthermore, the MACD is currently crossing its centreline to the upside, a bullish signal.
Ethereum has been outperforming the other two top cryptocurrencies during trading over the past 24 hours.
Data from Messari show Ethereum increasing 1.16% over the past 24 hours with Bitcoin and XRP increasing 0.8% and 0.02% respectively.
- Ethereum records similar price action to Bitcoin with a bearish drop finding liquidity at a key level and recovering.
- Price is meeting some resistance at $118, but there is a strong possibility that it may overcome this level during today’s trading.
- Both the hourly MACD and RSI are increasing, and the MACD is crossing its centerline to the upside.
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