Price Analysis: Ethereum and EOS Preparing for a Breakout

The global cryptocurrency market situation has been quite depressing for past few days and investors have been in a sort of havoc. Since yesterday some of the top 10 cryptocurrencies have shown a positive trend after the news of BlackRock’s growing interest in Bitcoin.

Current Market Position of ETH and EOS

The total market capitalization of Ethereum, placed just next to Bitcoin is close to $47.72 billion at the time of writing. Its individual price has reached $474.8 and is increasing at the rate of 4.7%. EOS is going through the same path as Ethereum, rising at a rate of 7.7% with its current individual price placed at $7.93 making it the 5^th largest cryptocurrency in the world. By the time of writing it has accumulated $7.1 billion worth of total market capitalization while its 24-hour exchange value has crossed $770 million worldwide.

Ethereum Analysis

Price Analysis: (Data Feed Via Kraken)

High:      482.7

Low:      470.0

MACD:  18.9

RSI:        67.7

Key Highlights of Today’s Ethereum Price Analysis:

a. Ethereum price has managed to climb through important resistances against the US dollar such as $450 and $460. The current bullish trend line has encouraged the crypto community and investors have returned into their game. Ethereum has added 7% in the past hour which has got the ball rolling for the top altcoins of the crypto space.

b. The ETH/USD pair is currently following ascending channel and it is expected to correct lower towards $480 level. The charts and bullish signals are indicating a significant uptrend against US dollar and Bitcoin. The resistance area for today is close to $500.3 as buyers seem to dominate markets. This development was to pause if sellers take a short-term control of the market and start a correction towards the $453.24 support area.

c. Ethereum has nicely gained against the US dollar since yesterday as it closed above the resistance $455 correcting a few points near the $445 level. Buyers appeared and have pushed the price above the last swing high and now we can observe a nice short-term ascending channel formation. The currency pair is on its way to this month’s high and it’s more likely to increase the present positive trend at hand in the near future.

EOS Analysis

Price Analysis: (Data Feed Via Bitfinex)

High:      8.14

Low:      7.84

MACD:  0.43

RSI:        65.9

Key Highlights of Today’s EOS Price Analysis:

a. If we look at the present situation of EOS, it has managed to add more than 10% to the markets within the past 24 hours. EOS has marked its growth on Monday and it seems as though the EOS market is still progressing by the will of its buyers. Although it’s far from July’s high, the EOS/USD pair is developing as we wait.

b. EOS’ flag pattern has been moving higher and the currency pair has successfully broken through the $7.65 resistance area but it seems as though that the pair has failed to reach the next resistance area of $8.29.

c. Whether it’s ETH or EOS, growth scenario is developing considerably well today. It’s clear to see that both buyers and investors are hungry for a bullish breakout and hence targeting July’s highs if the EOS/USD pair reaches the resistance area of $9.03. Bears are unlikely to gain control of the market. Even if they do, then it would supposedly target the support area to $7.10.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Charts courtesy of tradingview.com

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