In today’s weekly crypto brief, we are going to cover the latest developments in the market and conduct a price analysis of Bitcoin, Ethereum and EOS. Also, we will cover the current state of the market, and what to expect in the coming weeks.
Cryptocurrency prices are back on the mend after a great majority of digital assets plunged last week losing 10-20% or more in value. Since then, the cryptocurrency industry has regained some strength bouncing back from a low of $190 billion to $205 billion on Saturday, September 15. There has been a lot of optimism in the market in the last week, following the increased adoption. As such, the market might experience a reversal soon.
Bitcoin (BTC)
On Saturday, bitcoin’s price crossed above the $6,500 but did not manage to move further above the psychological resistance. Initially, the coin’s price had formed higher lows towards $6,475. However, a breakout action appeared during the early European session when the coin formed higher highs towards $6,550. Bitcoin’s price may first test several support points before moving higher to the levels at $7,000 and above.
Ethereum (ETH)
Ethereum’s price gained 4% in the last 24 hours to trade above $223 according to coinmarketcap. Currently, all signals show that the coin is well placed for a major breakout, but there might be some hurdles at $250. As such, I suggest we wait to see how Ethereum’s price will move in the coming weeks.
EOS
Most cryptocurrencies follow the trend set by bitcoin and Ethereum. The same has happened with EOS’s price, which failed to overcome the $50.50 mark that acted as a support previously. Instead, it declining to test the major resistance at $5.00. A recent competition with Tron may have contributed to this drop.
Based on today’s weekly crypto brief, what do you expect in the coming week regarding the price of these coins?
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