Ethereum saw some selling pressure in the past couple of days, but this was not indicative of the end of the uptrend. Rather, it was likely only a minor pullback toward $3315 before another leg higher. Axie Infinity saw a pullback to a logical demand zone, and Waves was in up-only mode.
Ethereum (ETH)
Ethereum was bullish on higher timeframes such as 4+ hours. On the other hand, the hour-and-under timeframes showed that ETH might experience a pullback. At press time, using the 2-hour chart, it can be seen that momentum and demand were still in favor of the bulls. The RSI remained above the neutral 50 and showed hidden bullish divergence developing, while the OBV continued to climb higher.
A session close beneath $3315 could spark a lower timeframe bearish bias, which could see ETH drop to the $3100-$3200 area. This would likely be a buying opportunity.
Waves (WAVES)
WAVES has been on fire since February and the last 48 hours have seen gains of almost 84%. The price nearly tested the 61.8% Fibonacci extension level. The $54 and $49.3 levels could serve as support on any pullback, while a push past $60 would likely see WAVES reach the 100% extension level at $66.7.
The Awesome Oscillator was strongly bullish, although it could form a bearish divergence in the next couple of days, which might see a pullback. The CVD showed good demand behind the rally, and the trading volume has also been enormous.
Axie Infinity (AXS)
Axie Infinity’s Ronin Network suffered a $625 million exploit and at the same time this news broke, the price of AXS plunged from $70 to $62. However, based on the move from $58.55 to $74.85 last week, the $62 level is the 78.6% retracement level.
The entire pocket from $62 to $64.8 is a good area to buy AXS at. However, on the 2-hour timeframe, the indicators did not show that bullish momentum had resumed yet. The DMI’s ADX (yellow) and +DI (green) were below 20, and the RSI was also beneath neutral 50.
