Ethereum (ETH), Binance Coin (BNB) and VeChain (VEN)

Most of the coins and altcoins have succumbed to the constantly growing bear pressure. Take Bitcoin (BTC), for example, it dropped from trading above $7,000 in June and is now fighting to stay above $6,000 at the moment. Ethereum (ETH) has also fallen victim to the negative pressure and is currently seeking balance above $430. Ripple (XRP) has also been correcting lower, down over 2% on the day while trading at $0.46 at the time of writing. This just but a few of the coins in the market, the trend is almost similar for every asset.

Ethereum (ETH) Price Analysis

Ethereum (ETH) is changing hands between the moving averages support and resistance. The 100 SMA is providing immediate support at $435.98 and the short-term 50 SMA is highlighting the short-term resistance at $440.00. The 100 SMA limited the gains at the opening of the session on Thursday at $441.9. The declines have progressed only to find a short-term support above $430.

The general trend is bearish but applying technical indicators shows that the bulls have the will to push for higher corrections but are lacking a fresh catalyst to do so. The stochastic RSI is at 62%, although it is pointing south. Moreover, the gap between the moving averages is widening show that the sellers have the influence in the short-term.

ETH/USD is flirting with the 23.6% Fibonacci retracement level with the previous swing higher of $481.6 and a swing low of $421.5. The bearish trendline is also limiting the gains slightly below the resistance at $440.00. The region at $450 is a key break out point towards the coveted $500. Ethereum (ETH) must also keep the support formed at $430 to avoid more declines at $425 and the major support at $420.

Binance Coin (BNB) Price Analysis

Binance Coin (BNB) is the official coin issued by the largest cryptocurrency exchange, Binance. As much as this coin has been hit hard by the selling pressure, it has managed to stay above $10.00. Binance Coin price recently declined to test the key support zone at $13.50. The price, however, bounced back to test another resistance at $15.00.

Binance Coin price is among the best performing coins in the market with over 4% rise in the last 24 hours. The crypto even traded above the 61.8% Fib retracement level with the last swing high of $15.1 and a swing low of $13.8. The upward movement lacked the momentum to attack $15.00 being limited below $14.90. BNB/USD is currently trading at $14.6 while it has a weak support at $14.60. Similarly, the 61.8% Fibo (previous resistance) will hold the price above $14.50. There is a bullish flag a pattern forming on the chart as Binance Coin (BNB) seeks a balance following the brief spike earlier in the day.

VeChain (VEN) Price Analysis

Following the brief declines that ensued during the Asian trading hours on Thursday, VeChain (VEN) price is range-bound within the contracting triangle as observed the 15’ timeframe chart. VEN/USD breached the barrier at $2.65 but further upside movement failed due to selling pressure. The support at $2.60 also caved in to bear pressure which had VeChain (VEN) price trade slightly below $2.55. The price was able to bounce back up but it is range-bound at $2.50 for the intraday trading.

The moving averages, on the other hand, have highlighted a couple of support levels; the 100 SMA at $2.58 and the 50 SMA at $2.57. The path of least resistance is to the downside in the meantime. The stochastic RSI is heading south but still at 55% indicating the presence of selling activity in the short-term. As mentioned, the support at $2.55 will hold to the end of the session today, but $2.50 is another stronger support area.

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This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.


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