ZB Market Daily: ETH & EOS daily technical analysis
ETH Price rallied by 6.26% on Thursday after the crypto bulls defended a major support of $575.10, following the breaking news of announcement of a new pro crypto chairman appointed as the United state Security Exchange Commission according to a tweet shared by Commissioner Hester Peirce.
The crypto bulls regained 50% of its Wednesday’s losses towards the closed of the trading session yesterday.
Yesterday it was a bearish opened of the trading session of BTC price following on 23rd of December’s bearish momentum to the downside.
ETH Price opened the trading session on Thursday at $585.60. Prior to the opened of the session, a liquidity grab was printed at the closed of the 23rd of December trading session, which caused ETH price to dipped to the south at an intraday low of $567.09 yesterday.
The crypto bulls struggled to pull ETH price to a major support of $575.10 at the London opened trading session.
Traders leveraged on the major support as a platform to long the underlying crypto instrument which caused a bullish pressure that printed an intraday high of $617.02.
From technical perspectives, on balance volume indicator shows that buying volume was rising in the early 8-hours during the course of intraday trading session as the result of the bear pressure decreasing at the support.
RSI rose from 33.23mark to 49.72 mark in the neutral territory.
On the MACD, the moving average crosses was below the signal line although it was making an attempt to rise above the signal line due to buying pressure.
The crypto bulls break the 20-period simple moving average and the 30 day period moving average which was probable signal for ETH price to resume the previous rally.
For the day ahead, ETH is faced with resistance of $617.02 as primary hurdle to the upside. If the crypto bulls break this resistance, we could see a probable target of $637.47. If volume increase, the crypto bulls can extend the rally to a high of $660.61.
EOS price did a major recovering from the dipped and rallied by 18.58% yesterday, following on Wednesday’s 34.48% loss.
EOS Price opened on Thursday trading session with a bullish pressure at $2.3170. EOS price wicked down to an intraday low of $2.2494 and with a high of $2.4636 in the early hours of the Asian trading session.
Momentum was built up after the crypto bulls got enough steam to pressure EOS price.
EOS Price rose to high of $2.666 but got rejected at the most recent resistance of 23rd of December.
Despite the retracement, the crypto bulls still have upper hand in the EOS price, leading to extension of the rally to an intraday high of $2.7004.
From the money flow index indicator, buying pressure and volatility rolled into EOS price at 14.65 index, which caused the EOS price to hedge higher from a low of $1.99.
The awesome oscillator lowered to the over-sold territory of -0.49, which was signal for probable rebound. Traders leveraged on the awesome oscillator to long position to the upside.
RSI went lower to the over-sold territory at 20.77 mark, which was another confluence point for bullish bias.
Traders leveraged on these indicators which caused EOS Price to rally yesterday.
For the day ahead, the crypto bulls will be faced with $2.7727 resistance to wrestle with due to presence of the bears at this price level.
If the crypto bulls succeed to break this price level, a probable target of long position will be at $3.0246 as the first primary target for traders to book for profit.
About ZB Group
ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.
ZB Group also includes ZBG the innovative crypto trading platform, and BW.com, the world’s first mining-pool based exchange. Other holdings include wallet leader BitBank.
Industry intelligence and standards are headed by the recently launched ZB Nexus who embody the core values of ZB Group and open-source their reports and analysis for the public.
Learn more about ZB Exchange by visiting www.zb.com.