Ethereum broke past its previous ATH and the rising ETH/BTC saw altcoins do well over the past couple of days as well. Dogecoin pumped on an Elon Musk tweet and dropped lower. Synthetix climbed steadily to reach $21.43 and could rise even higher after a minor dip.
Ethereum [ETH]
Source: ETH/USD on TradingView
ETH broke past its previous ATH at $2042 and was trading at $2102 at the time of writing. It had coiled within a triangle pattern for the past month and broke past a region of supply at its previous ATH.
The RSI, even on the 4-hour chart, was overheated past the 70 value. Ether’s CME futures had closed for the weekend at $2028. Therefore, it is likely that the coming days will see an ETH pullback to the $2000-$2050 area before its next leg upwards.
The 27% Fibonacci extension level based on ETH’s move up from $905 to $2041 lies at $2542.
Dogecoin [DOGE]
Source: DOGE/USDT on TradingView
It is hard to analyze a coin that sees a 23% candle following Elon Musk’s tweet promising to put “a literal Dogecoin on the literal moon”. DOGE was trading beneath resistance at $0.054 before Musk’s tweet, and in the hours following it, shot upwards to reach as high as $0.071 before pulling back to trade at $0.0594 at the time of writing.
The fact that DOGE was unable to flip $0.062 to support indicated that, in the coming days, it is possible that DOGE was fall to $0.054. The Awesome Oscillator showed bullish momentum behind DOGE, but trading volume was once more trending downward, showing the heavy interest in DOGE has fallen off in recent hours.
Synthetix [SNX]
Source: SNX/USDT on TradingView
The Stochastic RSI was in overbought territory and dropped as SNX also pulled back from $21.4 to trade at $20.82 at the time of writing. The Stochastic, along with the rejection at resistance, showed that SNX could dip further to the $20.4-$20.6 region of demand before another leg upward.
The $19.7 support level will also likely be a buying opportunity if SNX dips that low- the OBV over the past week showed strong demand from buyers, and pullbacks are to be bought in this scenario.