Ethereum (ETH), Stellar (XLM) and NEO Price Technical Analysis: The Bears Biting Back at the Bulls

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Ethereum (ETH) price is one among the few top ten cryptocurrencies by market capitalization that is recording gains. ETH/USD is up 1.46% in the last 24 hours, although it is trading an inverse neck-and-shoulder pattern with a potential downside breakout. The cryptocurrency dipped below $700 during the intraday trading on Monday 7. However, the trading below $700 was short-lived as the price bounce splendidly in recovery.

The sustained upside momentum ensued during the Asian trading hours, where Ethereum price breached the resistance level at $760and traded highs of $770 before falling victim to selling pressure. The buyers are intent on pushing ETH/USD above $800, but the sellers are still holding tight to the price. This could be happening due to the fact that the Securities and Exchange Commission (SEC) is having discussions that will decide if Ether (ETH) has been operating as an unregistered security all along since inception in 2014. The decision by SEC in the US will also affect other digital assets that have been launched via a crowdsale just like Ethereum.

Ethereum (ETH) price is forming an immediate support at $730, but on the upside, eyes are on $800. However, the bulls must overcome the resistance at $740 and $780 before attacking $800. If the support level at $730 fails to hold the price, ETH/USD will be found next support area at $720 and $700 respectively.

Stellar (XLM) Price Analysis

Stellar (XLM) price is battling to correct higher after testing the key support at $0.37 during the intraday trading on Tuesday 8. The upside has been capped below $0.41 for three days in a row, while the charts are showing a subtle 0.27% drop in the last 24 hours. In the recent declines, XLM/USD breached key support areas at $0.40, $0.39 and $0.38 respectively

Currently, Stellar (XLM) price is trading at $0.38, at the same time, the 21 Simple Moving Average is offering short-term support. The buyers are targeting $0.40 in the near-term, but they have to break above the resistance at $0.39. The MACD on the 15’ timeframe chart is pointing upwards, although it is still in the negative. If the support level at $0.37 fails to hold, XLM/USD could find support at $0.35 and $0.32.

 NEO Price Analysis

NEO price, on the other hand, is trading within a ranging channel that was started from the last week of April and has continued into May. NEO/USD traded above $90 last month hinting to the investors and crypto enthusiast that a revisit to $100 is not a far-fetched idea. The cryptocurrency, however, faced resistance above $90, paving the way for lower corrections. The support at 23.6% Fib retracement level with the previous swing high of $90.8 and a low of $44.7 failed to hold the price close to $80.00.

At the moment, NEO/USD is testing another key support at $75.00, while the bears could break below this level before the close of the trading on Tuesday, another support level is highlighted at the 38.2% Fibo above the major support area at $70.00. The moving averages on the 4-hour chart are providing resistance to the upside close to $80.00. Further upside movements will encounter more resistance at $85.00 as the crypto retraces towards $90.00.


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