Ethereum registered its highest weekly close in the past 120 weeks with a price level of $601.95. While the short-term outlook and momentum remained neutral over the past few days, ETH bulls might be able to bounce off the $580-support and attempt to go past $620. NEM and FTX Token were also on a strong uptrend over the past month, before their movements were stalled over the past week.
The level at $580 is a level that bulls would seek to hold on to in an attempt to force the price back above $620 in the coming days.
The price has been trading sideways in the $580-$600 range over the past few days, but this price action backed by low trading volume was indicative of gathering momentum and a likely surge upwards.
A close above $620 would be great news for the market’s bulls, while a close below $580 can see $550 retested as a support level.
The RSI underlined neutral momentum and a non-existent trend over the 4-hour timeframe.
NEM was on a steady uptrend and the Awesome Oscillator was also in bullish territory. However, it showed that bullish momentum was waning and the price could see a pullback to retest the trendline support.
A level of resistance for XEM lay at $0.252. A support level at $0.2 could emerge if the trendline does not hold on to the support level it had at press time.
FTX Token [FTT]
FTT possessed a strong uptrend throughout November, but that appeared to have stalled after reaching a local high at $4.67. While the long-term outlook was still quite bullish, over the past week, the short-term momentum of the exchange token had lost steam.
As highlighted by the MACD, the momentum was neutral while the OBV showed a slight increase in buying volume, even as the price declined by 5% from $4.67 in a series of lower highs.
The trading volume was also observed to be trending downwards over the past week.
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