Ethereum’s market has been responsible for saving the altcoins from a bearish trend as the Bitcoin market struggled to recover. Ethereum has reported a strong surge of 32% since the last drop it noted on 22nd April. The digital asset has remained near its peak value since, with ETH even pushing for a new ATH recently.
Etheruem [ETH]
Source: ETHUSD on TradingView
Ethereum, at the time of writing, was being traded at $2,787, close to the resistance level at $2,793. The alt’s price was being supported at $2,662.43, with the Signal line and the 50 moving average adding an extra level of support under the candlesticks. This journey of the digital asset has been bullish lately, with the same underlined by the surging market.
Despite the said rally, ETH has remained close to the equilibrium zone, something that suggested that the buying and the selling pressures were evened out in the market, even though the buying pressure was marginally rising. The Awesome Oscillator was pointing to a rise in bullish pressure too as ETH continued its journey.
BitTorrent [BTT]
Source: BTTUSD on TradingView
BitTorrent’s chart noted that the asset has been consolidating for a while now, with the alt maintaining this trend. With the digital asset trading at $0.0069, it was seen that the market remained bullish. However, a fall in momentum hinted at a possible reversal.
The restricted range of trading for BTT could pose a problem for identifying a lasting trend as the indicators suggested the buying and the selling pressures were tallied. But the MACD indicator was showing a growing gap between the MACD line and signal line, something that could help the bullish pressure sustain in the short term.
Theta
Source: THETAUSD on TradingView
Theta’s market has risen by 51% over the past week and was seeing a consolidation phase above $10.50. This level has previously acted as strong support for the asset’s value, managing to keep the value higher. At the time of press, THETA was being traded at $11.08 while the market opened itself up for volatility.
The prominent trend, at press time, was bullish. However, the trend could reverse as money had started to flow out of the market and the Signal line was approaching a crossover. This suggested that selling pressure was on the rise and the digital asset may need to continue within its current $10-range.
The rising selling pressure was also hinted at by the Relative Strength Index that was moving away from equilibrium and towards the oversold zone.