- Ethereum price leads altcoins in recovery following July’s first massive selloff.
- Binance Coin bulls are eager to send the price above $300 as technical levels flip bullish.
The crypto market has started changing red after 48 hours of bearish dominance. Key support levels have been put to the great test, with Bitcoin holding above $29,000. Ethereum bounced off support at $1,700 and is currently exploring levels above $1,800. If bulls across the board rally to support recoveries, the entire market could close the week after achieving significant milestones.
Ethereum plunged to $1,700 after failing to break above the hurdle at $2,000 last week. This support was instrumental in stopping the losses that had been predicted to be heading to $1,400.
Investors seem to have taken advantage of the lower price to increase their holdings, thus giving Ether a boost above $1,800. At the time of writing, the largest altcoin trades at $1,850 while bulls gaze at $1,900 and $2,000, respectively.
According to short-term technical indicators, Ether will likely scale the levels to $2,000 quickly. This follows an upswing by the Relative Strength Index (RSI) to the midline from the areas close to the oversold. A break toward the overbought will fully cement the bulls’ position in the market.
The Moving Average Convergence Divergence (MACD) indicator seems to be presenting a bullish signal on the four-hour chart. As the 12-day EMA crosses above the 26-day EMA, the odds for a massive upswing are bound to rise, thus supporting Ether’s recovery.
ETH/USD four-hour chart
Binance Coin bulls are also up in arms, presenting fierce revenge against the bears following the battering received on Monday and Tuesday. BNB has already recovery 10% of its value from the recently formed support at $255.
Meanwhile, the native exchange-based token trades at $278 while bulls focus on cracking the barrier at $278. Gains above this level may trigger more buy orders as buyers speculate an upswing beyond $300.
BNB/USD four-hour chart
Critical technical indicators such as the Relative Strength Index (RSI) show that bulls are gaining traction. Its rebound from the oversold to areas above the midline emphasizes the bullish outlook.
The same narrative will be supported by a buy signal about to be presented by the MACD. This call to buy encourages buyers to go all-in on Binance Coin, thus pushing the price higher. A break past $300 could trigger another run toward $340.