Ethereum Classic, EOS, VeChain Price Analysis: 16 November

  • 16 November 2020, Monday, 11:06
Ethereum Classic, EOS, VeChain Price Analysis: 16 November
Source: Pixabay

Ethereum was trading above $450 while Bitcoin quickly moved to $16,200, after a brief dip to $15,800. Further down the crypto-ladder, Ethereum Classic was supported by buyer interest and a strong zone of support under it as it attempted to move towards $5.2. While EOS faced an important level of resistance and could be set to gain or drop by 3% in the coming hours, VeChain was on a steady downtrend and could note losses over the coming days.

Ethereum Classic [ETC]

Source: ETC/USDT on TradingView

ETC has traded within the $4.8 and $5.6 range since early-September, forming a rectangle pattern (yellow). The boundaries of this pattern offer opportunities to open short and long positions, with the mid-point of the range being a take-profit target.

The past few weeks have seen steadily increasing buying volume for ETC, as shown by the OBV, suggesting that a breakout from the pattern was more likely to occur towards the upside.

And yet, there was no sign yet of a breakout. Hence, a move towards $5.2 was likely on the cards for ETC. It enjoyed a level of support at $4.9 as well.

Over the past few days, ETC’s price has been making a series of lower highs so, ETC would have to close a session above $5.2 in the coming hours to set $5.6 as a target over the next week.


Source: EOS/USDT on TradingView

The Fibonacci retracement levels for EOS’s move from $2.75 to a swing low at $2.22 showed important levels of retracement (white). Over the past few days, the price managed to bounce off the 50% retracement level at $2.47.

The RSI was neutral with a value of 52.4. The price’s ascent past or rejection at the $2.53 level would give the next short-term direction for the market.

The coin also faced resistance at $2.59. Hence, in the coming hours, the price can move back to $2.47 or onward to $2.59 based on the action it sees at the $2.53 level.

Vechain [VET]

Source: VET/USDT on TradingView

VeChain was trading within a descending channel (white) and had levels of resistance around the $0.0113 and $0.0118 levels above it.

The MACD formed a bearish crossover and was heading below zero, indicating that bearish momentum was significant for VET in the short-term.

Hence, VET can be expected to drop to $0.0103 in the next couple of days.