Ethereum Rising High Again.
It’s been a two-faced session in the cryptocurrency segment, as the most valuable coin drifted lower in a choppy fashion, while several major altcoins posted lofty gains amid the capital rotation before turning lower in late trading. The total value of the market is still above the $600 billion mark, and BTC us holding up right at $300 billion.
Bitcoin is still not far off its all-time high, with a 10% correction so far, which left the long-term setup unchanged but brought the short-term momentum back to neutral territory. The coin is now clearly below the short-term uptrend line, and given the still overbought long-term picture, a deeper correction remains likely. Strong support is only found at $13,000 with further levels at $11,300, $10,000, $9000, while stronger levels are near $8200 and $7700.
Ethereum.
Ethereum continued to drift higher to new all-time highs today, following the recent break-out above the range around the range extension target. The coin topped $800 thanks to today’s rally, and re-tested the lower boundary of the previous rising trend channel. We expect a significant move lower as the long-term momentum remains severely overbought, with initial support at $740, and key levels now found at $575, between $480 and $500, and near the prior all-time high at $400.
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