Cryptocurrencies made a comeback in March after retreating lower from November until January, while for Fantom the decline started in January and continued until March, after the departure of key personnel, but buyers failed to resume the large bullish trend.
The decline resumed again but Ethereum and Fantom have been attempting to reverse higher again during this week. The attempt still looks weak and these cryptocurrencies need to push above resistance, but for now, this reversal is a positive thing nonetheless, so let’s see if buyers can make further gains.
Fantom Daily Chart – FTM Reversing Above the Last Support
Fantom has bounced 30% off the lows already
Fantom was showing strong bullish pressure until the middle of January, as it tried to retest all time highs from late October below $3.50. But a couple of negative events after that sent this crypto coin lower on a strong bearish trend since then. It started with the Wonderland controversy in January which weighed on DeFi tokens and sent FTM down to the support at $1.30.
Then, two of the most prominent personnel left the fantom team, such as Andre Cronje who is a prolific developer and Anton Nell, a senior solutions architect. That weighed on FTM/USD further and sent it down to $0.90. That support broke and Fantom dived to $0.6550s. The last support zone starts above $0.60 so it seems like the sellers might have reached their target, because fantom has gained around 30% already this week after the bounce.
News that support from Pocket Network for the Fantom Blockchain can earn node runners POKT by serving traffic from Fantom applications, tools and services might be a factor for this bounce, but let’s see if it will continue, because there are many resistance levels above.
Ethereum Daily Chart – ETH Facing Resistance at $3,000
Ethereum making higher lows as it starts to turn bullish
Ethereum turned bearish in November, after failing to break above the major level at $5,000. It fell to $2,240s by January, and since then we have seen several attempts to resume the bullish trend. The higher lows since January are a positive sign.
ETH/USD was showing some bullish pressure in March, increasing from $2,200 to $3,580. But, the 200 daily SMA (purple) turned into resistance and rejected the Ethereum, sending it lower. Ethereum fell below $3,000 again but the decline has sta=opped above the previous low and now buyers are having a go at it. Ethereum launched the first mainnet shadow fork in preparation for Merge with the layer 2 network, which should lower gas fees, so this is positive news, but the sentiment in the crypto market remains mild. The first resistance comes at $3,000 and then at $3,580 above that if buyers are to push higher.