Ethereum, along with Bitcoin Cash, broke strong opposition and both currencies added more than 10%. We also have new high values for 2020. What do the closest levels of resistance and support look like?
[ETH / USD] in 2020 to present value + 62.96%
Ethereum added 10 percent yesterday and 2.32% today, reaching over USD 210. From the perspective of the year, it is almost 63% appreciation to the present value. We also looked at 2019, where its appreciation from the first of January to the top of 2019 was 180%.
Yesterday, ETH managed to overcome significant resistance at the values of 187-194 USD. This resistance will now turn into a support that either ETH can bounce off (meaning we could drop from the current $ 210 to $ 194 and then bulls can attack to $ 222 with resistance), or we can continue growth with the fact that we will probably stop at the already mentioned value of 222 USD, where we have significant resistance.
Yesterday’s growth of over $ 194 turned our resistance into strong support, so we are looking for the closest support. It is quite likely that we will still look at the $ 194 value and test the reflection upwards.
[BCH / USD] In 2020 to current value + 114.49%
Like Bitcoin, in 2020 BCH really pulled up. Looking at the annual chart we see up to 114% pump. Yesterday (as on ETH) we broke strong resistance at $ 400. BCH could reach the current value of 435 USD, where he created a new high of 2020.
In 2019 we were on top at $ 516. From this point of view, it is obvious that BCH is growing at an incredible pace, as shown by the annual chart. We are approaching the body of 2019 around $ 483.
We see the closest level of support in the former $ 400 resistance, which will now act as support. Given the likelihood of Bitcin growing into halving, we could overcome last year’s hight and create new top values over the last 2 years. Bitcoin Cash took advantage of the FOMO around Bitcoin SV and enjoyed its popularity. Subsequently, he was again in the attention of investors when dealing with mining taxes for miners. BCH successfully transformed these fundamentals into this year’s surreal growth.
In resistance, we have to look at the top values of 2019, where the closest attack bears can come at a price of 483 USD. At the same time, there is a possibility that the current price will drop to around 400 USD, where we confirm this price as support.