BeInCrypto analyzes price movements for seven different cryptocurrencies, including Ethereum (ETH), which is currently attempting a breakout.
B T c
BTC has been trading above an ascending support line since January 24. It formed a very long bottom wick after the bounce on 24 February and rose by 15% on 28 February.
BTC has reached a resistance level of around $44,400, which has marked an all-time high.
If it breaks, the next nearest resistance area will lie at $51,150. This is both a horizontal resistance area and a 0.5 Fibonacci retracement resistance level.
ETH
ETH has been declining below a descending resistance line since December 1. So far, the line has rejected the price four times, most recently on March 1. Earlier, ETH formed a bullish engulfing candlestick on February 28.
If ETH manages to break out, the next nearest resistance area is found at $3,200, formed by the 0.382 Fibonacci retracement resistance level.
However, the main resistance remains at $3,830. The target is the 0.618 Fibonacci Retracement resistance level and a horizontal resistance area.
XRP
On February 24, XRP reached the $0.64 horizontal support area and bounced (green icon), creating a very long bottom wick in the process.
On February 28, it formed a bullish engulfing candlestick and broke a descending resistance line.
The next nearest resistance area is at $0.905.
veterinary doctor
VET had been declining since February 10 below a descending resistance line. The downside was a local low of $0.039 before a trend reversal occurred on February 24.
VET broke above the descending resistance on February 28, but was rejected from the 0.5 Fibonacci retracement resistance at $0.054.
It is possible that VET has completed a long-term correction.
ftm
FTM has been rising since February 24, when it hit a low of $1.30. The upward move so far has reached the local high of $1.84.
However, FTM is still trading below the confluence of the $1.90 resistance level. Resistance is created by a descending resistance line and a horizontal resistance area.
A breakout above this line could cause the price to rise sharply.
Wave’s
WAVES has been moving upward since Jan 24. On February 28, it reclaimed the $12.50 horizontal resistance area. This was a significant development, as the area had previously acted as a support since May.
This could mean that the previous breakdown was just a divergence and the next nearest resistance target to watch is $18.21.
rune
On January 24 and February 24, RUNE formed a double bottom near the $3.50 area. Double bottoms are often considered a bullish pattern. In addition, both bottoms were combined with long lower wicks (green icon).
If the upward move continues, the next resistance is likely to be reached at $6.60.
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