Ethereum remained stuck in the same price range it has been at for almost a month, thanks to Bitcoin also oscillating around $20k.
Most of the altcoins favored the bears today, resulting in the market losing $14.5 billion today. However, both Bitcoin and Ethereum moved up slightly, trading at the $20k and $1.1k mark, respectively.
The bullish sentiment played in favor of the Ceek VR Smart Token, which helped it make its entry into the top 100 cryptocurrencies list. Trading at $0.33, CEEK was almost up by 35.46% at one point during the day.
The high volatility is further backed by the divergence of the Bollinger Bands, which indicate CEEK is set to observe fluctuation over the coming days. Fortunately, the placement of the candlesticks above the bias makes the altcoin’s trajectory in favor of a rise instead of a decline, albeit slowly.
Furthermore, the Relative Strength Index (RSI) is also highlighting buying pressure for CEEK since the indicator has been oscillating in the positive zone for almost a month now.
CEEK needs this as it is yet to recover the losses it witnessed during the June crash, which brought it down from the $0.5 mark.
Ethereum, for the last month, has kept its investors confused as the altcoin king hasn’t been able to breach the $1250 resistance. Oscillating between this resistance level and $1000 support, ETH is currently trading at $1,144.
The Parabolic SAR’s white dots are currently positioned above the candlesticks, indicating the beginning of a downtrend. However, the MACD is highlighting growing bullishness with the green bar. Besides, the latter indicator is far from a bearish crossover.
Since the price indicators are exhibiting mixed signals, ETH will neither rally anytime soon nor will it lose the $1000 level as support. The altcoin king is set to remain consolidated in this zone for a while.
Holding a Mass Media Degree has enabled me to better understand the nitty-gritty of being a journalist and writing about cryptocurrencies’ news and price movements, effects of market developments, and the butterfly effect of individual assets nurtured me into a better investor as well.