Altcoins on the Rise
While Bitcoin seems to be perfecting its art of sideways trading, altcoins are sneaking in with double-digit gains that would make anyone do a double take. THETA graced us with a 13.26% boost, KyberNetwork (KNC) showed off an impressive 18% increase, and TomoChain (TOMO) bounced up by 16.09%. If you blinked, you’d probably miss these gains!
The Ether Challenge
Meanwhile, our dear old friend Ethereum (ETH) is facing a bit of a struggle to keep up. As 2019 draws to a close, ETH is hoping to scrape together a respectable 35% gain for the year. But it’s been a rocky road! Prices dropped on December 12th to a worrying $139, hitting a long-term support level like it’s playing a game of leapfrog—four times since November 22nd!
The Bull’s Battle
But not all hope is lost! Today, we see some bullish action as trading volume picks up. INVESTOR TIP: If the price can bounce back and challenge the descending trendline hovering at $145.35, there could be a glimmer of hope shining through. This level also aligns with a high-volume node that traders like to keep an eye on.
Potential Swing Trade Opportunities
Fans of swing trading might find ETH to be an interesting dance partner. With a potential return on investment of 10-12%, it’s showing promise. If ETH breaks that tricky $150 resistance, who knows? We might just glide our way to $160 and beyond!
Charting the Course
But let’s not get ahead of ourselves—charts show a fierce battle ahead. Ether’s recent attempts to breach the 12-period exponential moving average have been met with resistance. However, the MACD indicator hints at increasing momentum, and the RSI is climbing out of the oversold territory like it just got a pep talk from its coach!
ETH/BTC: A Parallel Journey
On the ETH/BTC pairing, the action is eerily similar. With prices capped between important moving averages and trendlines, today saw Ether make a daring bid above the descending trend but will need the support of the MACD to turn that into a victory.
Final Thoughts: Caution is Key!
Traders should consider that a breakout above 0.021101 (sats) could indicate a stronger move upward. But cautious minds should not escape the strategy of buying the dips when Ethereum takes a breather at $138.57 or $131.50. Remember, strategy and patience are key in this ever-shifting market!
Disclaimer: These views belong to the author and do not represent the opinions of any associated entities. Always conduct your own thorough research before diving into the trading pool!
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