Ethereum Rebounds While Algorand Skyrockets

After a nasty selloff, Ethereum ETH/USD found support around the $3,350 level.

There is support at $3,350 because it was previously a resistance level. Many investors who sold at the resistance experience seller’s remorse after ETH moved higher. A number of them decide to buy it back, but they will only do so if they can get it for their selling price.

As a result, they place their buy orders at $3,350. This concentration of orders forms support and this puts a floor under ETH. It may even be starting to rebound.

See Also: Is Ethereum a Good Investment?

On the other hand, Algorand ALGO/USD has broken out and skyrocketed. It hit resistance at $1.70 in February, April and May. Each time a selloff followed.

But now ALGO has broken this resistance and is trading above the important level. A new uptrend could be forming.

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyLong IdeasMarketsTrading Ideas
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!