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- 1 Ethereum crypto witnesses swift selling pressure from the 1.6 level of fibonacci retracement tool.
- 2 Synthetix crypto noted a trendline resistance breakout and is currently trying to sustain above the breakout zone.
- 3 Tron crypto projects an upward trajectory and is headed higher slowly and steadily.
Ethereum crypto witnesses swift selling pressure after tracing an important psychological level of $3000. The ETH price extended its journey to the downside on Friday and currently hovers near the previous day’s low.
Synthetix crypto resumed its journey to the south on Friday and added one more day to its losing streak. The bears retained control of the short term trend for the 4th consecutive day intending to drag the price lower below the breakout zone.
While the other two crypto have been struggling to resume their journey on the higher side, Tron crypto is comfortably drawing a strong upward trajectory. TRX price has been riding towards the higher supply levels.
Technical Overview of Ethereum, Synthetix And Tron Crypto In Daily Chart
Can Ethereum Price Retrace $2800 Before Another Rally?
Recently, Ethereum price noted immense buying pressure which developed near the round level of $2200 level and surged the price breaking above the previous swing high of $2500. The short term bull run lasted for nearly two weeks with a gain of nearly 30%.
Ethereum price reversed its course after the bears failed to sustain below the 50-Day EMA. The buyers took it as a discounted price and placed aggressive long positions which helped the crypto achieve a new swing high of $3000 level.
The technical indicators point towards a possible short term correction in the Ethereum price. The RSI line and the 14-Day SMA line are hovering above the 70 level suggesting that the price is in an overbought zone.
Moreover, a bearish crossover of the RSI line and SMA line was observed indicating a possible correction in the price.
Synthetix Price Fails To Hold Higher: Is The Breakout Failed?
Synthetix price failed to hold higher for the fourth consecutive day and has slumped below the 50-Day EMA. The bearish pressure being built from the higher levels is reducing the possibility of a breakout.
Currently, the SNX crypto has reached near the previous breakout zone which might be the last defending zone for the buyers in order to sustain the breakout. If the buyers enter with enough volume and the price reverses towards the higher side. The SNX price may continue to rise higher forming higher lows.
The technical indicators imply an indecisive outlook in the short term as the buyers failed to sustain the breakout above the key EMAs of 20 and 50-Day EMAs. The long term outlook lies on the positive side until the crypto hovers above the 200-Day EMA.
At the time of writing, the MACD line signal line has made a bearish crossover indicating the loss of momentum from the buying side and a possible reversal in the short term.
How High Can Tron Price Reach Before The Month End?
Tron crypto has been rising significantly in the recent sessions gradually without any pullback. Investors and traders have benefited greatly in the past couple of weeks and have gained nearly 21% in the last 3 weeks.
The sellers have turned defensive and have shifted to the higher supply levels. On the other side, the buyers have full control of the trend and the price might continue to rise until it faces a reversal from the upper levels.
On the lower side, the TRX crypto trades above all the key EMAs which may act as a dynamic support if the price drops on the lower side.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
