Ethereum has tested the $ 1420 support level multiple times over the past few days and then recorded a strong retracement. Vechain, on the other hand, has reclaimed most of the gains it has made in the past weeks.
Ethereum (ETH) price analysis
When we used the Fibonacci Retracement tool to raise ETH from $ 905 to $ 1877, some retracement levels were highlighted as potential areas of support. The technical drop target of $ 1700 was met for the ascendant channel (cyan), and the bears managed to further lower the price.
In the past few days, ETH has managed to test the $ 1420 level twice, weakening this level as a support. If it falls below this level, it could signal a move towards $ 1300.
OBV showed strong sales volume, while the Awesome Oscillator remained in bearish territory. During the hours when the price fell, the trading volume also increased, highlighting the strong downward trend in the market.
VeChain (VET) price analysis
The Directional Movement Index showed that a strong downward trend began as the VET was on the verge of falling below the rectangular top (cyan) pattern. Since then, ADX (yellow) has continued to highlight more strength in the bearish trend. The MACD is also in the bearish zone and is giving a strong sell signal.
Using the Fibonacci retracement, VET found support at some levels, but the 50% level at $ 0.038 was under too much selling pressure. Losing this level could result in VET moving towards $ 0.0345 and $ 0.029.