ETH Fails to Break Second Resistance in AM

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

Ethereum made an attempt this morning at a second line of resistance, however support above it was not able to hold. The MFI is working to swing upwards, and the MACD is also testing neutral territory on ETH. Volume has increased slightly as well. If buy-side pressure is maintained, we may test the resistance once more.

It should be noted that ETH dominance has seen significant gains, up to 21.6% today. BTC dominance is at 40.7% at the time of posting. The overall volume is around $127 billion and the overall market cap is just below $2.3 trillion.

BTC has not had the same type of recovery as ETH, with ETH continuing to outpace BTC. The MFI is near oversold territory attempting to trend upwards, while the MACD is testing neutral territory, but has yet to definitively swing into positive territory. It should be noted that the fear and greed index is in extreme fear territory for BTC.