Ethereum (ETH) Creates First Higher Low Since June 18: Multi-Coin Analysis

2 mins
5 July 2022, 09:45 GMT+0000
Updated by Valdrin Tahiri
6 July 2022, 08:08 GMT+0000
In Brief
  • BTC, ENJ and XRP are following descending resistance lines.
  • ETH and GMT have reclaimed horizontal levels.
  • SUSHI has created a double bottom pattern.
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Be[In]Crypto analyzes the price movement for seven different cryptocurrencies, including Ethereum (ETH), which has reclaimed the $1,020 horizontal support area.

BTC

Bitcoin (BTC) has been falling underneath a descending resistance line since the beginning of April. The line caused a rejection on June 5 (red icon), leading to a bottom on June 18.

The price has been increasing since and has created three bullish engulfing candlesticks (green icons). If this leads to an upward movement, the aforementioned resistance line would be at $22,000.

ETH

ETH has been moving upwards since June 18. It completed a five-wave upward movement (red) and a correction afterward (highlighted). 

On July 1, the price created a higher low above the $1,020 horizontal support area (green icon). The price is moving towards the $1,250 resistance area, a breakout above which could accelerate the rate of increase.

XRP

XRP has been falling since it was rejected by the $0.378 resistance area on June 24 (red icon). The area had been previously acting as support and has now turned to resistance. Additionally, it coincides with a descending resistance line. 

The downward movement has so far led to a low of $0.30 on June 30. This validated an ascending support line that has been in place since June 18. Whether the price breaks out above the resistance line or falls below the ascending support line will likely determine the direction of the future movement.

ALPHA

Similar to XRP, Alpha Venture Dao (ALPHA) was rejected by the $0.137 resistance area on June 26 (red icon). However, unlike XRP, the upward movement was preceded by bullish divergence in the RSI (green line).

The price created a higher low on July 1 and is now making another attempt at moving towards $0.137. If it is successful, this would be expected to greatly accelerate the rate of increase.

GMT 

On June 20, STEPN (GMT) broke out from a descending resistance line that had been in place since May 13. Afterward, it proceeded to reclaim the $0.82 horizontal area, validating it as support. 

If the upward movement continues, the closest resistance area would be at $1.30.

ENJ

Enjin (ENJ) has been decreasing underneath a descending resistance line since May 15. More recently, the line caused rejections on June 27 and July 5 (red icons).

If ENJ manages to break out from this line, the next closest resistance would be at $0.75.

SUSHI

Between June 15 and July 12, SushiSwap (SUSHI) created a double bottom pattern. The double bottom is considered a bullish pattern, meaning that it leads to upward movements the majority of the time. Additionally, the pattern was combined with bullish divergence in the RSI.

Afterward, SUSHI broke out from a descending resistance line and could potentially increase towards the closest resistance at $1.40 – $1.50. This resistance is created by the 0.5-0.618 Fib retracement resistance levels.

For Be[in]Crypto’s latest bitcoin (BTC) analysis, click here

Disclaimer

BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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