- Throughout the week, there was a decline in the bullish momentum in the crypto market. While Bitcoin continued to trade at $ 32,000, many of the altcoins also saw horizontal movement in the charts. Welcome to our daily Ethereum and Cosmos price analysis.
Throughout the week, there was a decline in the bullish momentum in the crypto market. While Bitcoin continued to trade at $ 32,000, many of the altcoins also saw horizontal movement in the charts. Welcome to our daily Ethereum and Cosmos price analysis.
Ethereum (ETH) price analysis
Ethereum is trading at $ 1,266.8 at the time of writing, and has recorded a small correction of close to 2 percent in the past 24 hours. At the time of writing this news, the 24-hour trading volume of crypto money is $ 38 billion and its market value is $ 146 billion.
For most of the month, the coin traded between the $ 1,436 resistance and the $ 1,128 support. If the bears manage to cause another price correction, there are two more strong support levels at $ 932 and $ 739.
Technical indicators for ETH are showing mixed signals. The MACD indicator showed a bearish trend after the Signal line crossed the MACD line and there still seems to be no sign of a reversal at this time. On the other hand, the RSI is approaching the overbought territory and reveals that there may be some momentum behind the ETH price.
Cosmos (ATOM) price analysis
Cosmos is currently ranked 27th on the CoinMarketCap list and is trading at $ 7.17. The previous week saw its price drop over 14 percent and if the coin enters a strong recovery, it may have to break through the two key resistance levels of $ 8.4 and $ 9.6.
However, if the price consolidates around its current price and a downward trend occurs afterwards, it can rely on the current price range to offer some support.
The EMA lanes have settled around ATOM’s current price and will help prevent further decline in value. Also, the RSI indicator is in neutral territory.