The last few weeks were tough for the cryptocurrency market, as most assets entered and did not exit local resistances despite negative netflows on exchanges and appearing signs of accumulation. Today, however, some assets are showing some important reversal signs.Ethereum’s attempt to break through
On Oct. 23, Ethereum had a strong swing up that pushed it right to the local resistance level of the 50-day moving average. Unfortunately, today, bears became more active and are now pushing the second biggest cryptocurrency on the market to new lows. However, the breakthrough attempt shows that bulls can still take control.
Prior to the breakout, Ethereum entered the consolidation channel, which could be a major sign of an upcoming reversal since the asset has avoided further downward pressure and successfully started moving sideways, which is a positive factor for an asset that aims at reversing.
The next target for Ether would be the breakout through the 50-day moving average, which acts as a resistance level for it. For more than a month, the moving average acted as a guideline for Ethereum that could not find enough support from investors to make a breakthrough attempt. Luckily, the fading volume profiles show that Buterin’s coin is slowly getting out of bears’ claws.Shiba Inu’s first reversal sign
A fading volume profile is not a prerogative of Ethereum only. According to the same indicator, SHIB bears are also losing power on the market despite the continuing downtrend on the memetoken.