ETH is receiving a lot of attention at this time. On Monday, Paypal that it is launching a stablecoin PayPal USD on the Ethereum network. The asset is also seeing notable changes in its value. A few hours before the time of writing, it tested its six-day high.
However, this was not the case during the previous intra-week session. This also reflected on the global cryptocurrency market cap. It kicked off trading at $1.18 trillion but peaked at $1.19 trillion three days later. Afterward, it dropped to a low of $1.16 trillion and also closed at this mark, which suggests that the sector under consideration failed to register any significant increase.
It is also worth noting that trading conditions were very dull during the second half of the week. As a result, the prices of most cryptocurrencies were stagnant. Nonetheless, assets like compound and a few altcoins experienced huge downtrends.
For example, COMP started the period under consideration at $70. A few days later, it tried flipping the $80 resistance but failed. This is as a result of strong rejections at $79. In response, it dipped to a low of $54 but rebounded and closed that $56. This signifies that the altcoin lost almost 20%.
With a focus on the new week, it is worth noting that market conditions a positive. A few hours to the time of writing, the global cryptocurrency market cap hit a high of $1.20 trillion. Other cryptocurrencies have also hit levels they haven’t in more than seven days. Will it continue over the next five days?
Top Three Cryptocurrencies to Watch
BTC/USD
Bitcoin price close mimicked what happened in the crypto market during the previous intraweek session. It saw its biggest moves during the first half of the week. Due to this, it peaked and hit its low during this period.
For example, on Tuesday, it began trading at 29221. However, it’s only 29k support and dipped as low as 285764. It rebounded and made an attempt at the 30,000 resistance but failed. It failed to overcome a strong rejection at 29715. As a result, it’s erased and ended the day a little below its high. It also failed to record any notable changes in prices.
On Wednesday, BTC tried flipping 30K again with little success this time. It hit a high of 30020 after it rebounded at 28929. However, it failed to gain stability above the highlighted and dropped to a close at 29164.
Following this moves, the coin failed to register any huge changes in price over the next 5 days. This also reflected on the weekly scale as trading actions were represented by a red doji.
With a focus on the new week, BTC is seeing a strong start. Many also wonder if this trend will continue over the next five days. Based on indicators, the asset may see more price improvement. For example, the relative strength index is at 54 which is the highest in more than 14 days.
A closer look at the moving average convergence-divergence also hints at more price increases. It is currently displaying a bullish divergence.
With the bullish prospect in mind, one key level to watch is the 30k resistance.
ETH/USD
Like the preceding cryptocurrency, Ethereum also failed to record any significant increases during the previous intraweek session. This also marks the third time in a row that the asset is experiencing this trend.
Nonetheless, the coin made significant bullish and bearish moves. This happened within the first 3 days of the week. For example, on Tuesday, it kicked off trading at $1856 but attempted to flip the $1800 support. However, it failed as there was a strong demand concentration at $1813. As a result, it rebounded and peaked at $1873. Although it closed at this mark, the day ended with no significant change in price.
The opposite happened the next day as ETH sank to a low of $1820. Although it saw a slight recovery, it did not return to its opening price. As with the previous day, it also failed to register any significant change in price. After these actions, the asset was void of volatility over the last 4 days of the intra-week session.
The new week is different as ethereum is making moves at another key resistance already. For the past 14 days, it struggled to gain stability above $1880. A few hours to the time of writing, 8 surged as high as 1,875 after opening trade at $1827. However, it’s retraced and is currently trading at 1857.
Although this increase is not huge, indicators are responding favorably to it. MACD is currently displaying a bullish convergence with the 12-day EMA and 26-day EMA touching. RSI is also at its highest in more than 14 days. At 49 it is close to breaking above 50 which may indicate another bullish round.
Over the next 5 days, one key level to pay close attention to is there 1880 resistance. Based on previous price movement it is the toughest barrier as ETH struggled without success to crack it. If the increases continue, the altcoin may gain stability above it.
