Ethereum Price Analysis
After numerous tests, Ethereum has now moved above the key level at $195.
$195 acted as an area of support several times during the price declines in 2018 and the price tested this level numerous times as resistance before breaking above it this week.
Numerous tests serve to weaken a resistance level with fewer sellers to hold the level on each test.
Ethereum’s price has been recording a bullish performance recently with a 17% appreciation recorded last week.
Momentum on the side of the buyers has also been reflected by the RSI and MACD both increasing.
ETH’s price moved above the $195 level last week but quickly found selling pressure to bring it back below.
However, it followed up this week with a rise above.
The price has since continued to increase above $221, a former area of both support and resistance.
The next longer-term level to monitor for ETH’s price is $269 which acted as an important area of support during the declines of August of 2018.
EOS Price Analysis
EOS similarly rose above a key level this week where it found resistance last week.
The price met resistance at $5.89 last week which was the point of the former high recorded on the weekly chart.
Similar to Ethereum, the levels of buying pressure have been increasing in EOS with the weekly RSI and MACD trading upwards.
The price rose and closed above the level yesterday but it is not following up with a strong price increase today.
This indicates that traders may not be comfortable with such higher valuations and a retracement to the $5.89 level may take place.
In the event that the price retraces to the $5.89 level, it is likely that this level will act as support.
Both Ethereum and EOS have been failing to keep up with the price performance recorded by Bitcoin.
However, Ethereum has been performing better than most altcoins.
At the time of writing Ethereum has depreciated 0.88% against Bitcoin over the past seven days while EOS has declined 9.61% over the same timeframe.
- Both Ethereum and EOS move above key levels after repeated tests and high levels of buying pressure.
- Both fail to keep up with the performance of Bitcoin over the past seven days but Ethereum is recording a stronger performance than the majority of altcoins.
- EOS has failed to follow up with a strong price performance today after moving above a key level indicating it may be due to a retracement.
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