Smart contract platforms Ethereum and EOS are among the top performing major cryptocurrencies during last week’s price action.
Price indices from Tradeblock record EOS losing just 0.63% last week and Ethereum losing slightly more at 1.76%.
Similar to most major cryptocurrencies, Ethereum had recorded a steep loss during last weeks trading retracing almost half of the gains recorded from the significant price increases two weeks ago.
However, buyers pushed the price up significantly from the lows formed last week resulting in the price closing above a key level at $166.
This level was a former area of both support and resistance.
The price has followed up this week with a drop below the level.
The price recorded a significant decrease on Monday of approximately 5% to drop below the level.
This was followed up with an increase on Tuesday to test the level.
The price is currently forming a Doji for today’s trading reflecting uncertainty from traders.
Some exchanges such as Kraken have actually shown EOS recording an increase during trading last week.
This is a very bullish sign for the price prospects of the fifth-ranked crypto by reported market cap given that most major cryptocurrencies recorded significant losses last week.
EOS rose to an important level during the significant price increases of two weeks ago.
The price rose to test $5.89 which was the opening point for a significant increase in April of 2018.
The price tested the level again last week, another bullish sign for price prospects.
Repeated tests of a resistance level serve to weaken a resistance level with less selling pressure on each retest.
As it stands, two consecutive Doji candles are forming on the weekly chart for EOS.
This indicates traders are likely uncertain, as the price trades just below the significant $5.89 level.
There is likely to be downward market pressure as other cryptos record losses, but traders in EOS seem to have recently been applying buying pressure to bring the price above $5.89.
The price has since dropped away from the $5.89 level.
The significant declines which took place across the crypto market on Thursday last week resulted in the price of EOS also pushing away from the level.
EOS recorded an 11% drop on Thursday last week and has since been mostly trading between $5.31 and $5.56.
- Ethereum and EOS were among the top performers last week, a week where most major cryptocurrencies recorded significant losses.
- Ethereum recorded a steep loss during trading last week, but buyers came in to bring the price back above a key level at $166.
- The price of Ethereum has since returned below the $166 level but has now risen to test this point as resistance.
- EOS has repeatedly tested an important level at $5.89.
- The price of EOS declined from the $5.89 level during declines on Thursday and has since been mostly trading between $5.31 and $5.56.
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