[ad_1]
Many of the market’s large-cap altcoins have followed Ethereum’s lead as they have posted gains on their own price charts. In fact, ETH’s $ 500 breach could catalyze a rapid surge for strongly correlated alts with the world’s largest altcoin. Augur, on the other hand, was trading below a major resistance level, which it has been trying to overturn for nearly two months. Finally, Zcash formed a series of higher lows but found no extraordinary interest from buyers.
Ethereum [ETH]
Source: ETH / USD on TradingView
Ethereum has risen over $ 500, a level it last noticed in July 2018. If the market bulls can defend this psychological support level over the next few days, ETH could rise as high as $ 550 and $ 580 accompanied by a strong investor confidence.
Furthermore, the CSR was in overbought territory, but ETH could continue to earn in the next trading sessions, before seeing a pullback to $ 500.
While a close below $ 500 could bring the price to support at $ 480, a Bitcoin correction could wipe out a significant portion of ETH’s recent gains.
In other news, Grayscale Ethereum Trust has become the first publicly listed ETH investment product.
Augur [REP]
Source: REP / USDT on TradingView
The resistance level at $ 14.6 has held strong since late October and REP was unable to break out despite multiple opportunities.
However, this attempt may turn out to be different. REP has been on steady gains since hitting a low of $ 12 in recent weeks and could be set to continue the uptrend.
It has formed an ascending triangle, a pattern that generally sees a bullish breakout. Many altcoins have stopped bleeding and traded sideways or posted gains, and Augur could see further gains along with a shift in sentiment in favor of the bulls.
The Fixed interval volume profile showed that the price had risen above $ 14.25, the checkpoint for the past two months. A close above the $ 14.6 resistance level could trigger further bullish momentum,
Zcash [ZEC]
Source: ZEC / USDT on TradingView
Zcash has been trading inside an ascending channel, but the OBV has continued to notice a general bias towards the selling side over the past month. Moving beyond the $ 71 resistance level didn’t seem impossible, but there was still no evidence to indicate it was on the cards.
The MACD has shown neutral momentum at the time of writing, while the OBV has seen an increase in buying volume in the past few days.
$ 71 was a level that ZEC was unable to flip to support a few weeks ago and may have a hard time approaching it once again. A close below the channel could push the price to the $ 56 level.
