Ethereum registered its highest weekly shut prior to now 120 weeks with a price degree of $601.95. Whereas the short-term outlook and momentum remained impartial over the previous few days, ETH bulls would possibly have the ability to bounce off the $580-support and try and go previous $620. NEM and FTX Token had been additionally on a powerful uptrend over the previous month, earlier than their actions had been stalled over the previous week.
The extent at $580 is a degree that bulls would search to carry on to in an try and drive the price again above $620 within the coming days.
The price has been buying and selling sideways within the $580-$600 vary over the previous few days, however this price motion backed by low buying and selling quantity was indicative of gathering momentum and a probable surge upwards.
A detailed above $620 can be nice information for the market’s bulls, whereas an in depth beneath $580 can see $550 retested as a assist degree.
The RSI underlined impartial momentum and a non-existent development over the 4-hour timeframe.
NEM was on a gentle uptrend and the Superior Oscillator was additionally in bullish territory. Nevertheless, it confirmed that bullish momentum was waning and the price may see a pullback to retest the trendline assist.
A degree of resistance for XEM lay at $0.252. A assist degree at $0.2 may emerge if the trendline doesn’t maintain on to the assist degree it had at press time.
FTX Token [FTT]
FTT possessed a powerful uptrend all through November, however that appeared to have stalled after reaching a neighborhood excessive at $4.67. Whereas the long-term outlook was nonetheless fairly bullish, over the previous week, the short-term momentum of the exchange token had misplaced steam.
As highlighted by the MACD, the momentum was impartial whereas the OBV confirmed a slight improve in shopping for quantity, even because the price declined by 5% from $4.67 in a collection of decrease highs.
The buying and selling quantity was additionally noticed to be trending downwards over the previous week.