ETH/USD Daily Chart
Ethereum touched the support zone at $160 twice last month and is currently fighting with the 50-day-EMA. The RSI is gaining momentum which is a bullish sign. However, the MACD’s histogram is currently declining, which could indicate another re-test of the support zone.
If Bitcoin goes for a decent uptrend, Ethereum will most likely follow its path. The next major resistance would be around $220. In case of a bearish downturn, Ethereum finds its next support between $80 - $160.
Total Crypto Market/USD
The total market capitalization of the cryptocurrency market reached down to the golden pocket zone where it bounced off heavily. The RSI is rising and the MACD is bullishly rising, although the histogram is also declining already.
While the 50-day-EMA provides short-term support for the cryptocurrency market, the next resistance is at the 0.382 fib level at $276b.
Interestingly enough, the cryptocurrency market managed to surpass the 50-day-EMA the first time since July, which could mark the end of the bearish trend.
BTC/USD Daily Chart
Bitcoin faces multiple resistances right now and was rejected by the 0.382 fib extension level again. Bitcoins resistances are between $9.465 and $9.820, where the 0.382 fib levels are located at. If broken through, it finds its next major support between $10.500 and $11.000.
In case of a bearish downturn, Bitcoin will most likely bounce off the support around $8.500, between the 0.5 fib level and the 50-day-EMA. If this support fails to hold, Bitcoin will probably decline all the way down to support at the $7.000 range.
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