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Earlier today, we covered the top coins to watch for this week. The list includes Ethereum, Binance Coin, and Celer Network.
In this article, we'll be covering these three coins from a technical analysis perspective to help identify some of the support and resistance levels that might prove important in the coming days.
Ethereum (ETH) price analysis
What has been going on?
Ethereum is down by a sharp 8% today as the cryptocurrency crashes into the $2,000 support level. Ethereum is now down by a total of 32.5% this month after it headed lower from the mid-May highs above $4,200 to reach as low as $1,952 today.
Ethereum was trading inside a symmetrical triangle pattern over the past three weeks of trading as it traded sideways inside the consolidation pattern. Last week, ETH attempt to rebound from the lower boundary of this pattern but failed to overcome resistance at $2,600, provided by a 20-day MA level.
From there, ETH headed lower and eventually broke beneath the symmetrical triangle pattern last week. Over the weekend, the buyers attempted to defend the $2,200 support but failed to hold the level today as ETH crashed lower into $2,000. The market has found some support at the 200-day EMA level and is attempting to defend the psychological round number.
ETH did spike below $2,000 today but found support at $1,960, provided by a .786 Fib Retracement level.
ETH price short-term prediction: Neutral
ETH is neutral right now, but a closing candle beneath $2,000 and the 200-day EMA will turn the market bearish. To turn bullish, ETH would have to break the June highs around $2,900 and head above $3,000.
If the sellers push beneath $2,000, the first support lies at $1,960 (.786 Fib Retracement). This is followed by support at $1,888, $1,800, $1,750, and $1654 (.886 Fib Retracement). Added support is located at $1,600, $1,424, and $1,200.
Where is the resistance toward the upside?
On the other side, the first resistance lies at $2,200. This is followed by $2,400 (100-day EMA), $2,600 (50-day EMA), and $2,755 (bearish .382 Fib).
Binance Coin price analysis
What has been going on?
BNB is down by a smaller 5% today as it trades at around $315. Despite this, BNB is still down by a total of 27% over the past month of trading. BNB had also been trading inside a period of consolidation over the past few weeks. The cryptocurrency had tumbled from a high above $680 during mid-March to reach as low as $260.
It rebounded from $260 and attempted to break resistance around $435 at the start of June. Unfortunately, it was unable to overcome this level and headed lower into the $250 support, which i6 defended throughout most of June.
Unfortunately, BNB fell beneath the triangle last week and headed beneath support at $320 today.
BNB price short term prediction: Neutral
BNB is also considered neutral right now and would have to close a daily candle beneath the support at $250 (.786 Fib Retracement) to turn bearish in the short term. On the other side, it would need to break above resistance at $450 (bearish .5 Fib Retracement) to turn bullish again.
If the sellers do push lower, the first support lies around $300, which is provided by the 200-day EMA level and a short-term .618 Fib Retracement. Beneath $300, support lies at $280, $260, and $250 (.786 Fib Retracement).
If the sellers continue to drag the market lower, added support lies at $220, $200, and $192 (.886 Fib Retracement).
Where is the resistance toward the upside?
On the other side, the first resistance is expected at $260 (20-day MA). This is followed by resistance at $390 (100-day EMA), $395 (bearish .382 Fib Retracement & 50-day EMA), $400, and $450 (bearish .5 Fib Retracement).
Celer Network price analysis
What has been going on?
CELR is down a sharp 13% today as the cryptocurrency crashes into the $0.031 support. The Celer Network has seen a very rough month of trading as it down by a whopping 46% over the period. It is currently ranked in the 184th position as it holds a market cap value of around $175 million.
The cryptocurrency is actually trading inside a wide descending price channel and has been trapped inside this since the end of March where it set a new ATH price above $0.01. Since then, CELR has been consistently dropping month-on-month to hit the $0.03 support today, provided by a .786 Fib Retracement).
It did attempt to break the upper boundary of the price channel in May, but the mid-May overall market capitulation put a quick stop to this bullish price action. CELR is now trading beneath the 200-day EMA and is strongly bearish.
CELR price short-term prediction: Bearish
As it sits under the 200-day EMA, CELR has to be considered bearish. To turn neutral, it would need to break above the $0.045 resistance provided by the 100-day EMA. It would have to continue beyond the price channel to start to turn bullish in the short term.
If the sellers push lower, the first support lies at $0.03 (.786 Fib Retracement). This is followed by support at $0.025, $0.0219 (.886 Fib Retracement), $0.02, and $0.015.
Where is the resistance toward the upside?
ON the other side, the first resistance lies at $0.036 (200-day EMA). This is followed by $0.0406 (bearish .236 Fib), $0.045 (100-day EMA), and the upper boundary of the price channel.