Key Points
- Ethereum and Binance Coin showed significant price increases over the past week.
- However, market indicators suggest these upward trends may not be sustainable.
The cryptocurrency market has seen a revival recently, with major altcoins showing promising growth. But analysis suggests this upward trend might not last.
Performance of Ethereum and Binance Coin
The past week has been favourable for investors, with most cryptocurrencies experiencing bullish rallies due to a change in market trend. Ethereum, often termed as the king of altcoins, saw its price increase by over 6% last week. Binance Coin also saw a price increase of over 9% in the same period. At the time of writing, Ethereum was trading at $2,624, while Binance Coin was valued at $523.
Crypto analyst Alphractal highlighted that the upward trends of Ethereum and Binance Coin might not be long-lasting.
Technical Analysis of Ethereum and Binance Coin
The Moving Average Convergence Divergence (MACD) for Ethereum hinted at a possible bullish crossover. The Chaikin Money Flow (CMF) also showed an uptick, suggesting a potential price increase. However, the Money Flow Index (MFI) showed a downward trend, which could potentially disrupt Ethereum’s upward rally.
The market indicators for Binance Coin also looked optimistic. The Relative Strength Index (RSI) displayed an upward trend, and its CMF also suggested a potential price increase. The MACD for Binance Coin also indicated a possible bullish crossover, suggesting a continued price rise. The long-term market behaviour of these cryptocurrencies remains to be seen.
