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If Ethereum (ETH) trades above the $ 400 level again, even altcoins further down the crypto scale could experience positive momentum given the altcoin’s high influence on market prices. However, as of press time after noticing a 0.3% drop since yesterday, ETH investors could only expect a small gain retracement over the next few days, with more altcoins continuing to trade near their support levels.
Monero and Algorand were seen trading just above their support levels. The selling pressure and the resulting downturn also blocked any immediate price recovery efforts for the two digital assets.
Ethereum [ETH]
Source: ETH / USD on TradingView
Ethereum continued to have a bearish trend when it fell below the $ 407.71 resistance level yesterday. The digital asset at the time of writing was trading $ 397 below the previous day’s closing price.
Indeed, this further corresponded to an increase in selling pressure due to the dip below the 40 level observed in Relative strength index (RSI). The MACDIt also gave a sell signal, with visible bearish momentum in the short term.
With both the RSI and MACD hinting at selling pressures, Ethereum could be seen retesting the $ 389.80 support level, before witnessing any price drops.
Currency [XMR]
Source: XMR / USD on TrdingView
At the time of writing, Monero was trading just above its trend line around the $ 130.56 level. The Fantastic oscillator noted the momentum of the bear market, with the red bars in the histogram crossing below the zero line.
The price was also retesting the support at $ 128,388 as sellers tried to regain their strength around that level. Furthermore, the selling sentiment continued throughout the 9 days Simple moving average (cyan) fell below the 20 SMA (yellow) and indicated a bearish crossover over the course of the day.
Algorand [ALGO]
Source: ALGO / USD on TradingView
Maintaining an overall downtrend amid high selling pressure, Algorand has seen a further drop in its price over the past 24 hours. In fact, the digital asset plunged towards its support and turned the resistance level at $ 0.273
At press time, Algorand was trading at $ 0.280, just below the recently breached support that turned the resistance level. The downward trend in the digital asset has also been evident since Aroon indicator.
In a bearish crossover, the Aroon down (blue) moved above the Aroon up (orange). The placement of the dashed lines of Parabolic SAR above the candles suggested a downtrend.
Therefore, a drop below the trend line could be an indication of increased selling pressure and the price that will drop further in the coming days.
