Ethereum Aims For Bullish Crossover; Can New Resistance Levels Be Broken?
Ethereum (ETH) looks to be heading for a price breakout which is likely to take place within the week. The token seems to have garnered some momentum during the weekend, well enough to strengthen its gains and proceed to test new resistance levels.
The one-week trading chart shows that ETH has been dabbling between a bullish and a bearish crossover. This means that buyers and sellers have been struggling to push prices in their favor, leading to the current state of the market.
At press time, ETH is trading at a price of $177, with a decrease against the USD by 2.18%. The past 24hrs shows a candlestick pattern that reflects sellers domination against buyers. The bears happened to have continually rejected price at the $183 mark, sending prices down below the $180 level.
Although ETH is taking a slight downtrend below the $180 levels, leading to a retest of previous support, it is more likely that ETH will build momentum within the week, while gradually moving up the ladder and possibly hitting the $200 mark and beyond.
On the other hand, EOS has emerged as one of the best performing coins since the past 24hrs. Trading at $3.68, EOS has garnered gains of 10.52% and is also headed for a breakout sooner than ETH.
EOS began to head for a price breakout on the 7th of September when bullish engulfing patterns suppressed the bears and sent it above the $3.55 mark on the same day. Into the day, the bears have had a mild impact on its price but buyers seem to have the upper hand as the trading price is navigating between the $3.66 and $3.70 mark at press time.
As the week begins, ETH and EOS have already begun to create a rather bullish pattern that traders should watch out for. Other Altcoins that are also struggling to push price up include Ontology (ONT) and (BTT) BitTorrent which are both up by 2.58% and 1.46% respectively.