The current rankings for Ethereum and EOS are 2nd and 5th according to CoinMarketCap. Ethereum individual price is suffering a 6.67% low and currently being exchanged at $437 approximately whereas EOS is stuck at 8.85% low being traded at $6.95 at the time of writing.
Global crypto markets have been going through a hard time since world economists predicted harsh government regulations knocking out BTC once and for all. This has influenced top 5 altcoins in the crypto space, including Ethereum and EOS which are both suffering from a bearish trend at the time of writing.
The key highlights from Ethereum analysis are as follows;
- ETH can’t seem to move away from the inevitable bearish trends surrounding it. The support area against US Dollar is placed close to $425 for now and experts believe if the present situation persists we might observe a heavier decline in ETH market prices.
- As for the Ethereum price resistance, yesterday charts for ETH show that there had been some heavy losses. Ethereum attempted to go above $500 mark but Bancor hack dealt a heavy blow on Bitcoin recovery and also weakened Ethereum’s momentum.
- It’s evident that Ethereum is gaining a downtrend traction which would soon be testing Fibonacci extension levels. Current high is close to $438 and while current low is hovering around $435.76. The hourly MACD is placed in the sell region as the daily MACD indicators show a strong sell sentiment traversing all over the market. The RSI has reached 40 and it is expected to shoot up to 60 should the markets manage to acquire a 1-2% uptrend today.
EOS is still under transition to its mainnet and is being scrutinized for its vulnerable security and centralized approach to fixing its flaws. Its key highlights are as follows;
- The daily high for EOS is around $7.47 whereas the daily low at the time of writing is $6.85. Yesterday EOS markets opened at approximately $8.22 and closed at $7.44 after suffering heavy losses because Bancor reported exploitation of $12.5 million worth of BNT.
- The relative strength index for EOS has reached to 36 and the MACD is stuck under sell region for the past few hours. The reason for EOS having been hit so hard is due to BlockOne’s passing negative statements which has been confirming their centralized behavior for quite some time. Traders are waiting for EOS to fail opportunities of breakout and hit $4.
- The current EOS market trends have proven itself beneficial to the dApp developers who mean to take advantage of the low prices and utilize the blockchain to their advantage. As per the charts, it is easy to tell that the relative strength index is going down to suggest a stronger sell zone as the MACD is also placed in the slightly strong sell region.
A faint but positive surrounding the markets have confirmed that Bitcoin adoption as a payment method would be boosted within the next decade according to mainstream media. But it will take time for the ETH and EOS markets to recover from the current situations.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Charts courtesy of tradingview.com