- Ethereum has a challenging time sustaining the uptrend to $2,400.
- Dogecoin faces an uphill battle sustaining its position above $0.2.
The cryptocurrency market is slightly bullish on Thursday, with assets posting minor gains, according to data by CoinGecko. Ripple is the best-performing cryptocurrency, following the massive 20% gain on Wednesday. However, a retreat is underway, with XRP remaining pivotal at $0.7.
Bitcoin spiked above $40,000 after retesting support at $36,000 on Tuesday. The area above $40,000 was tested, but a break above $41,000 remained aloof. Meanwhile, BTC is back to trading slightly under $40,000, but bulls are not ready to give up the mission to lift to $50,000.
Ethereum price is up 33% from the support at $1,730. This buyer congestion zone was crucial in waning off the selloff in July. Moreover, bulls were energized for the uptrend that recently touched $2,400.
Despite the impressive recovery, Ethereum did not make it above $2,400. A mid-week correction saw Ether retest $2,200 support, and by extension, the ascending parallel channel’s lower boundary.
At the time of writing, Ethereum is trading marginally under $2,300. The trend is generally upward, but buyers seem to be facing a challenging task gaining ground to $2,400. The Moving Average Convergence Divergence (MACD) indicator has a bearish impulse, suggesting that the struggle will last longer. A break under the channel’s lower edge may also trigger declines toward $2,000.
ETH/USD four-hour chart
Dogecoin bulls are working tooth and nail to keep the price above $0.2. The battle comes after the upswing from earlier in the week failed to sustain above $0.23, leaving the $0.24 key level untested.
An ascending parallel channel holds the meme coin in place, ensuring that losses to no extend beneath $0.2. The 50 Simple Moving Average (SMA) reinforces this same anchor zone.
On the upside, the main goal is to secure the position above the middle boundary of the channel. However, the 200 SMA on the four-hour must come down to pave the way for the bulls. A break above $0.24 may trigger massive gains, bolstering Dogecoin to $0.3.
DOGE/USD four-hour chart
Realize that the MACD has a vivid bearish impulse that may turn into a formidable bearish signal in the short term. Therefore, losses will likely increase, sending DOGE down the rabbit hole.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.