Synthetix is the only bullish crypto among the likes of Ethereum and Maker, with the latter two pointing to a bearish retracement on the charts soon. Ethereum’s development has been slow. However, altcoins like Synthetix and Maker are playing a crucial role in DeFi – a budding ecosystem.
Stuck between the 200 and the 100 EMA, Ethereum was trying to wriggle its way out of this. However, considering the recent surge in value, the exit could be heading South. After a rejection at the hands of 100 EMA [Pink] the price was heading towards the 200 EMA [purple] and the MACD indicator was deep in the oversold zone with convolutions in the MACD and the Signal line potentially hinting at a bearish crossover.
If this happens, ETH could head to its local low of $351.86 soon.
Unlike Maker, Synthetix showed an easy bullish bias considering the repeating fractal. At press time, the price was due for a bounce since it was accurately following the fractal formed in late-July and early-August. The fractal starts with a descending channel, one that fakes out and crashes the price. This is followed by a surge that lasts for weeks.
As of now, the descending channel was completed with a fake-out and so was the crash that follows it. The last leg of the fractal, ie. the surge, was yet to take place. If it pulls through, the price of Synthetix can be expected to hit a new ATH of $8 soon.
The Stochastic RSI was also heading towards the oversold zone, only to bounce higher.
Breaching out of the descending channel, the price seemed to have failed to surge higher. This was due to the resistance at $702, a level where the price was rejected and bears took control. Since then, the price has bounced off the support at $629.40 and even briefly, failed it. However, at press time, a feeble bounce seemed to be underway.
The RSI indicator was near the 50-level, indicating the exhaustion of both bears and bulls. If sellers take control, then breaching the aforementioned support seems easy and the new target would be the support at $579. Since the pattern was bullish and this drop could be a fakeout, expecting the price to bounce higher seems more than likely.
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