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Bitcoin had nothing but thin air above it to reach ATH, while Ethereum once again traded above $ 480, with $ 500 a level that hadn’t been above since mid-2018. Tezos has seen strong interest from the buyers in the past week, while Compound appears to have recovered from the heavy losses of the past two months.
Ethereum [ETH]
Source: ETH / USD on TradingView
Ethereum broke above the $ 480 level with strong conviction and could easily rise above $ 500 with the positive sentiment on strengthening prices due to recent developments.
The RSI has shown overbought, but it may not matter much as many buyers could give in to FOMO and continue to buy ETH.
$ 550 is the next level of significance. ETH could find sellers in that region and $ 580 if it gets there, while $ 450 and $ 480 should offer strong support on a retracement.
In other news, questions continued to swirl about whether the network was ready for ETH 2.0 Phase 0 launch.
Tezos [XTZ]
Source: XTZ / USD on TradingView
XTZ refused to break below the $ 2 support and solid buying volumes were observed for the crypto asset. This could indicate that the resistance at $ 2.24, which has been a bidding region, may be reversed to support.
The OBV was in an uptrend to show greater buyer interest in XTZ. A similar trend with price and OBV was seen in mid-October, when the price rose as high as $ 2.40 before a sharp decline.
Whether this time around can be different remains to be seen, but what is certain is XTZ’s bullish momentum in the near term.
Compound [COMP]
Source: COMP / USDT on TradingView
The DeFi market continued to struggle as Bitcoin and some large cap coins stole the limelight. COMP struggled to break out of the $ 125 resistance.
However, it is on the road to recovery since it dropped to $ 84 and the rejection of resistance could give COMP bulls time to gather energy for a new test of the same level. It has a support level at $ 100.
The MACD formed a bearish crossover, but was well above the zero line and likely indicated a weak bearish momentum which meant a pullback into an uptrend.
