Many large-cap altcoins in the market have followed Ethereum’s lead by posting gains on their own price charts. In fact, the $ 500 per ETH breach could catalyze a rapid rise in alts strongly correlated with the world’s largest altcoin. Augur, on the contrary, was trading below a significant resistance level, which he has been trying to reverse for almost two months now. Finally, Zcash formed a series of higher lows but failed to see overwhelming interest from buyers.
Ethereum climbed past $ 500, a level it last noted in July 2018. If market bulls can defend that level of psychological support over the next few days, ETH could hit $ 550. and $ 580 accompanied by strong investor confidence.
In addition, the RSI was in overbought territory, but ETH may continue to make gains over the next few trading sessions, before seeing a pullback towards $ 500.
While a close below $ 500 could take the price to support at $ 480, a Bitcoin correction could wipe out a significant portion of ETH’s recent gains.
In addition, Grayscale Ethereum Trust has become the first ETH investment product listed on the stock exchange.
The resistance level at $ 14.6 has held since the end of October and REP has not been able to break through despite multiple opportunities.
However, this attempt could turn out to be different. REP has posted consistent gains since hitting a low of $ 12 in recent weeks and it may continue its uptrend.
It has formed an ascending triangle, a pattern that typically sees a bullish breakout. Many altcoins have stopped bleeding and traded sideways or posted gains, and Augur could see further gains alongside a shift in sentiment in favor of the bulls.
the Fixed range volume profile showed the price had climbed above $ 14.25, the checkpoint over the past two months. A close above the resistance level of $ 14.6 could trigger further bullish momentum,
Zcash was trading in an ascending channel, but the OBV continued to note an overall bias in favor of selling over the past month. Movement beyond the resistance level of $ 71 did not seem impossible, but there was no evidence yet to indicate that it was on the cards.
the MACD has shown neutral momentum at the time of writing, while OBV has seen its buying volume increase in recent days.
$ 71 was a level that the ZEC wasn’t able to support a few weeks ago, and it might struggle to approach it once again. A close below the channel could push the price down to the $ 56 level.