Crypto NewsEthereum (ETH)

Ethereum ETH, Fantom Crypto FTM face resistance as they start to reverse

cryptocurrencies made a comeback in March after retreating lower from November through January, while Fantom’s decline began in January and lasted through March after key employees left but buyers failed to resume the major uptrend.

But the decline continued Ethereum and Fantom have attempted to reverse back up this week. The attempt still looks weak and these cryptocurrencies must Resistance overcome, but for now this reversal is a positive thing nonetheless, so let’s see if buyers can make more gains.

Fantom Daily Chart – FTM is reversing above the last support

Ethereum ETH, Fantom Crypto FTM face resistance as they start to reverse, Crypto Trading News

Fantom has rebounded 30% from the lows already

Fantom showed strong upward pressure through mid-January as it attempted to retest all-time highs set below $3.50 in late October. But a few negative events afterward sent this crypto coin lower on a strong bearish trend ever since. It started with the Wonderland controversy in January that caused the DeFitoken charged and sent FTM to the $1.30 support.

Then two of the most prominent employees left the Fantom team, including Andre Cronje, a prolific developer, and Anton Nell, a lead solution architect. The FTM/USD continued to weigh on it, dropping it to $0.90. This support broke and Fantom dived to $0.6550. The last support zone starts above $0.60 so it seems like the sellers have hit their target as Fantom is already up around 30% this week after the rally.

The news that Pocket Network’s support for the FantomBlockchain Node-runner POKT can earn by providing traffic from Fantom applications, tools and services could be a factor in this jump, but let’s see if it continues because there are many resistance levels above it.

Ethereum Daily Chart – ETH faces resistance at $3,000

Ethereum ETH, Fantom Crypto FTM face resistance as they start to reverse, Crypto Trading News

Ethereum forming higher lows when it starts to turn bullish

Ethereum turned bearish in November after failing to break above the main $5,000 level. It fell to $2,240 by January and since then we have seen several attempts to continue the uptrend. The higher lows since January are a positive sign.

ETH/USD showed some upward pressure in March, rising from $2,200 to $3,580. But the 200-day SMA (purple) turned into resistance, rejecting Ethereum sending it lower. Ethereum fell back below $3,000 but the decline has stayed above the previous low and now buyers are trying. Ethereum launched the first mainnet shadowfork in preparation for merge with Layer 2 network which should reduce gas fees so this is positive news but crypto market sentiment remains dovish. Initial resistance stands at $3,000 and then above it at $3,580 if buyers are expected to push higher.


Source: Crypto News Deutsch

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