Ethereum showed strong momentum as it zoomed past its resistance to post strong gains. It was eyeing the next level of resistance at $510 as an upside target in the coming days. Zcash showed a strong upward trend in the past few days while FTX Token was soaring to new heights, but might experience a minor pullback to short-term support.
Ethereum [ETH]
Source: ETH/USDT on TradingView
Ethereum broke past a short-term downtrend to sail past resistance at the $407 zone. At press time, it was trading at $472.
The next level of resistance lies at $510. Aroon Indicator showed a strong, uninterrupted uptrend.
Ethereum formed a bullish pattern in the longer term. The last time Ethereum closed a weekly above $510 was in June 2018, meaning a close above that zone would be significant in the longer term as well.
Zcash [ZEC]
Source: ZEC/USDT on TradingView
Zcash continued to post gains as it appeared to have reversed the slump that took it from near $100 to $72. Trading at $82 at press time, it looked to have flipped resistance at $80 into support.
Directional Movement Index showed strong bullish momentum, as ADX (yellow) was above 20 alongside +DMI (blue).
ZEC can expect to retest support at $80 before moving upward to the next resistance at $91.
In other news, the developer of Zcash, ECC, released “Halo 2“, “an updated, more efficient version of ECC’s recursive proof composition that eliminates the need for a trusted setup in Zcash.”
FTX Token [FTT]
Source: FTT/USD on TradingView
FTX Token exhibited a bearish divergence as its price made higher highs while RSI made lower highs. The price might experience a pullback to near-term support at $4.2 zone before another shot upwards.
However, this divergence might not play out, if FTT sees enormous buyer interest. An asset posting such strong gains sometimes need not conform to technical analysis as buyers FOMO in.
