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Ethereum, Litecoin, Tron Technical Analysis on 31st August 2020

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The cryptocurrency market is, currently, in a pivotal position. After closely following Bitcoin‘s price movement, several altcoins posted significant gains breaching crucial resistance points over the week. However, bearish reversal edges closer for a few coins.

Ethereum [ETH]

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Ethereum [ETH] has managed to resume an uptrend after surging past a crucial overhear resistance of $400. In addition, the largest rose by 3.87% over the past 24-hours to a price of $421.01 while registering a market cap of $47.32 billion and a 24-hour trading volume of $12.015 billion.

Following the latest upward price movement, both MACD and Klinger Oscillator appeared to be gearing up for a bullish crossover. The coin found significant support at the $385.9-level. A sense of optimism among the options traders rose as ETH rallied past the crucial resistance point. This was evidenced by the rising open interest with respect to Ether options.

If the upside momentum continues, ETH is likely to approach its immediate resistance at $439.

Litecoin [LTC]

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Despite retreating close to its support level of $54.12, Litecoin [LTC] made a strong recovery which propelled a positive change of 5.26% over the past 24-hours driving its price to $61.34. At the time of writing, its market cap stood at $4.008 billion with a 24-hour trading volume of $2.882 billion.

The small green closing bar signaled towards a potential bullish momentum in the coming days. Chaikin Money Flow also depicted an inflow of capital in the coin market. If this trend persists, the coin could target an important overhead resistance of $67.27. However, if the bullish momentum fades, its psychological support of $50.00 will come into view.

Tron [TRX]

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Tron [TRX] has risen over 98% since the beginning of the year. After a minor decline of 1.58% over the last 24-hours, TRX dropped to $0.026 while recording a market cap of $1.867 billion and a 24-hour trading volume of $854.9 million.

The coin recently recorded a two-year high after it climbed to $0.0304 which now acted as a crucial resistance point for the coin. However, the upside momentum appeared to have dwindled. This was evidenced by the dotted markers hovering above the TRX price candles resisting an upward break. Furthermore, the RSI noted a bearish divergence. This indicated that despite a positive price trend, a reversal to the downside is likely.

The sell-off may extend towards the support of $0.0230. If this breaks, TRX’s next focus should be on $0.0154-level.

Ethereum, IOTA, Monero Technical Analysis on 25th August 2020

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Altcoins have been performing well and have also been outperforming Bitcoin for the past several months. The market corrections sustained by the coins along the way attracted profit booking for short-term traders.

Ethereum [ETH]

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As the uptrend gained traction, Ethereum crossed the crucial resistance point and was trading at $402.88 after surging by 2.47% over the last 24-hours. Its market cap stood at $45.24 billion while the 24-hour trading volume was found to be at $10.29 billion.

However, despite the upward push above the key level, technicals indicated a bearish picture for the coin as the signal line dominated both Klinger Oscillator as well as MACD. If the bears continue pressure ETH/USD, a drop to $379 zone is possible

IOTA [MIOTA]

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After a rise of 1.95% over the past day, IOTA‘s price was pushed to $0.389 as it registered a market cap of $1.083 billion and a trading volume of $17.87 million over the last 24-hours.

The Chaikin Money Flow struggled to hold above the bullish territory. On the other hand, Awesome Oscillator is yet to demonstrate a shift in momentum as bearish presence continued to severely resist IOTA from an upside break to $0.422-level.

A failure to retain this level could drive the coin to retest support at $0.307-level.

Monero [XMR]

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Monero [XMR] has been trading close to yearly highs as it continued to maintain a steady upward price movement.

At the time of writing, XMR was valued at $93.42 after it rose to 2.31% over the last 24-hours. The privacy-centric coin recorded a market cap of $1.65 billion and a 24-hour trading volume of $83.39 million.

The dotted markers of Parabolic SAR were below the price candles which was indicative of the fact that Monero bulls have continued to defend the support at $87.10. The RSI just above the 50-median line indicated the sentiment of buying pressure among the traders in the XMR market. If this trend continues, a breakout above the $102-level could be in the offing.

Ethereum Price Prediction: ETH May Push Towards $430 if $397 is Crossed

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Ethereum Price Prediction

Ethereum collapsed on August 2nd, it was pretty frightful. After registering a yearly high of $407 due to high liquidations on both the Bitcoin and Ethereum futures, the altcoin was dealt with by a deafening drop. Dropping to $325 at one point in time, the asset has been able to carve its way above $369 in the last 24 hours, injecting a little optimism on the market.

ETH 1-hour chart

ETH price prediction

At first glance, ETH traders will be salivating on 1st glance on the 1-hour chart. Over the past day, ETH has been oscillating between an ascending channel, which is a predominantly bullish sign in the market. The token is currently right under the resistance at $397, which is holding strong for the moment. Considering the breakout is positive from the pattern, and the asset is able to break through the resistance, a re-test above $407 is likely as well.

However, the bearish divergence between trading volume and price is varying sign. The rally hasn’t been supported by high volume, which might be indicating a false rally at the expense of past performance.

ethereum trading view

From a bullish side, if ETH is able to break above $407, the main thing to watch is the Relative Strength Index or RSI. The buying pressure facilitated by RSI is currently under the resistance at 62, nearing the overbought zone again in the charts.

Any move above this region will give the asset enough moment to possibly register a new high at $430, which was last witnessed back in 2018.

ethereum news

Now, market indicators again illustrated a conflicted future-forward. MACD suggested the trend is bearish since the blue line is above the red line at press time. A bullish reversal is plausible in the charts but there is a case to be made for a bearish presence of CMF.

Chaikin Money Flow or CMF suggested that the capital inflows are currently getting dominated by capital going out, therefore the bullish foundation for the next rally isn’t completely rigid. Over the next 24-hours, the trend will attain more clarity whether a new high will be registered or not for the largest altcoin in the cryptocurrency space.