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Ethereum hits resistance
By breaking above the $3,575 resistance level, which has been a crucial barrier in recent months, Ethereum (ETH) has accomplished an important milestone. Because it represented the neckline of the previous double-top formation, a bearish chart pattern that could have precipitated a significant correction, this price point was crucial.
Beyond merely being a technical move, the breakout above $3,575 signifies a change in the mood of the market. This level has historically served as a technical and psychological barrier, and prior attempts to breach it were met with intense selling pressure.
Ethereum has disproven the double-top pattern's bearish connotations by crossing this barrier, paving the way for additional upward momentum. Ethereum has shown strong bullish signals on the chart. Long-term buying pressure is indicated by the rising moving averages, especially the 50-day and 100-day EMAs. The Relative Strength Index (RSI) is also still in bullish territory, indicating that more upside is possible before the asset is overbought.
The next significant resistance level for Ethereum is between $3,800 and $4,000, if it can hold above $3,575. If ETH passes this test and consolidates above these levels, it may rise back to its prior all-time highs and spark a new market rally.
But traders need to be careful. If $3,575 is not maintained, the market may retest the $3,100 or even $2,850 support levels. It will be crucial to monitor volume trends because declining momentum could be a sign of buyers' lack of commitment.
Toncoin explodes
With a remarkable 19% gain in just one week, Toncoin has recently exploded on the cryptocurrency market. Given its prior inability to profit from the larger bull market this performance is noteworthy. TON is currently trading at $6.28, making it the best-performing cryptocurrency out of the top 15.
