Ethereum (ETH) Creates Bullish Engulfing Candlestick — Multi-Coin Analysis

Updated by Kyle Baird
In Brief
  • ETH and FTM are following descending resistance lines
  • RUNE has created a double bottom pattern
  • WAVES has reclaimed the $12.50 horizontal support area
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BeInCrypto analyzes the price movements for seven different cryptocurrencies, including Ethereum (ETH), which is currently making a breakout attempt.

BTC

BTC has been trading above an ascending support line since Jan. 24. It created a very long lower wick after bouncing on Feb 24 and increased by 15% on Feb 28. 

BTC has nearly reached the $44,400 resistance area which has so far marked the yearly highs.

If it manages to break out, the next closest resistance area would be found at $51,150. This is both a horizontal resistance area and the 0.5 Fib retracement resistance level.

ETH

ETH has been decreasing underneath a descending resistance line since Dec. 1. So far, the line has rejected the price four times, most recently on March 1. Prior to this, ETH created a bullish engulfing candlestick on Feb. 28.

If ETH manages to break out, the next closest resistance area would be found at $3,200, created by the 0.382 Fib retracement resistance level. 

However, the main resistance still remains at $3,830. This target is the 0.618 Fib retracement resistance level and a horizontal resistance area.

XRP

On Feb. 24, XRP reached the $0.64 horizontal support area and bounced (green icon), creating a very long lower wick in the process.

On Feb. 28, it created a bullish engulfing candlestick and broke out from a descending resistance line. 

The next closest resistance area is found at $0.905.

VET

VET had been decreasing under a descending resistance line since Feb 10. The downward move led to a local low of $0.039 on Feb. 24 before a trend reversal occurred. 

VET broke out from the descending resistance on Feb. 28 but was rejected from the 0.5 Fib retracement resistance level at $0.054.

It’s possible that VET has completed a long-term correction.

FTM

FTM has been increasing since Feb 24, when it reached a low of $1.30. The upward movement has so far led to a local high of $1.84. 

However, FTM is still trading below a confluence of resistance levels at $1.90. The resistance is created by a descending resistance line and a horizontal resistance area. 

A breakout above this line could cause the price to quickly accelerate.

WAVES

WAVES has been moving upwards since Jan 24. On Feb. 28, it reclaimed the $12.50 horizontal resistance area. This was a crucial development, since the area had previously acted as support since May. 

This likely means that the previous breakdown was only a deviation and the next closest resistance target to watch is at $18.21.

RUNE

On Jan. 24 and Feb. 24, RUNE created a double bottom close to the $3.50 region. The double bottom is often considered a bullish pattern. Furthermore, both bottoms were combined with long lower wicks (green icons). 

If the upward movement continues, the next resistance will likely be reached at $6.60.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.