ETH Attempts to Swing Upwards

Neither this post nor any other on cryptofal.com should be taken as financial advice. It is not.

Ethereum and the broader altcoin market have struggled throughout much of the latter part of this week.

ETH is currently testing levels that we haven’t seen in approximately a year after breaking support earlier this week and testing down to around $1,700 before finding support. It could be a good sign that this support seems to be holding even with the influx of volume we had earlier in the week. That being said, it’s going to be important to see how fiat markets perform over the coming weeks as well as BTC which has been strongly correlating with fiat markets. Volume has dipped significantly since it spiked when ETH broke support earlier this week.

The MFI is trending up strongly as ETH attempts to swing upwards. It looks like it could continue this uptrend which could be a potentially bullish sign for ETH. The MACD is also starting to swing upwards fairly strongly on both its momentum waves as well as its EMA lines.

The overall cryptocurrency market is currently around $1.2 trillion with an approximate volume of $55 billion according to coinmarketcap.com. BTC dominance is at 45.7% with ETH dominance at 17.9%. This is a strong increase in BTC dominance as a result of BTC outpacing the broader cryptocurrency market.

Cardano, another large player in the altcoin space, has had a rough couple of months after breaking a long-term range of support twice over the last couple of months. After breaking the most recent support around $0.71, it found itself testing support down around $0.40.

The MFI has swung up strongly and the MACD looks as if its EMA lines and momentum waves are about to follow suit as well.