ETH: Ethereum Breaks Out From 36-Day Resistance: Multi Coin Analysis - BitcoinEthereumNews.com
Be[In]Crypto takes a look at the price movement of seven different cryptocurrencies, including Ethereum (ETH), which has just broken out from a descending resistance line. बीटीसी Since June 2021, the $40,500 horizontal area has been intermittently acting as both resistance and support for BTC. Initially, it rejected BTC twice (red icons), before turning to support and initiating two bounces (green icons). However, since the final breakdown (red icon) on Jan 21, the area has not been respected, as BTC is moving freely above and below it. ETH It is possible that ETH has been trading inside an ascending parallel chanel since Jan 24. The resistance line of the chanel is currently at $3,500. On March 14, ETH broke down from a short-term descending resistance line and validated it as support three days later (green icon). Currently, the price is moving above the middle of the chanel. If successful, an upward movement towards the resistance of the chanel at $3,500 would be likely. XRP XRP has been decreasing underneath a descending resistance line since Nov 30. The line has rejected the price four times (red icons), most recently on March 22. Since resistance lines get weaker each time they are touched, an eventual breakout from it would be the most likely