ETHXBT has been treading sideways and still waiting for stronger market catalysts. Price is settling above the support area around 0.02500 and might be due for a bounce since this lines up with the 50% Fibonacci retracement level.
RSI is on the move up to indicate that buyers are taking control of price action. Stochastic is also heading higher so ETHXBT price might follow suit. However, the 100 SMA is below the 200 SMA so the path of least resistance is to the downside, but if the crossover materializes buyers could get back in the game.
In that case, ETHXBT could climb back up to the previous highs at 0.02600. Stronger bullish pressure could even trigger a break past that resistance level. The current support area lines up with a broken resistance level or area of interest as well.
Should the moving averages keep criss-crossing, price could simply stay in its range. Bitcoin and ethereum have been on a tug-o-war these days as traders are keeping up with their strong demand for virtual currencies.
Recall that bitcoin made a strong upside breakout against its counterparts recently when Chinese investors put more money in the cryptocurrency. As it turns out, traders were worried about yuan depreciation and government capital controls so they sought other alternative investments. If this sentiment persists, cryptocurrencies like bitcoin and ethereum could both stay supported.
ETHXBT could continue to enjoy upward pressure if the issue about bitcoin network congestion is emphasized. Industry leaders are still debating whether to increase the block size or not, so some traders are turned off by bitcoin and would rather invest in other altcoins or cryptocurrencies like ethereum.
Nonetheless, events in the financial market could have a strong impact on both virtual currencies, as uncertainties such as the FOMC statement and EU referendum could shore up demand for both.
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