Ethereum Rebounds While Algorand Skyrockets

After a nasty selloff, Ethereum ETH/USD found support around the $3,350 level.

There is support at $3,350 because it was previously a resistance level. Many investors who sold at the resistance experience seller’s remorse after ETH moved higher. A number of them decide to buy it back, but they will only do so if they can get it for their selling price.

As a result, they place their buy orders at $3,350. This concentration of orders forms support and this puts a floor under ETH. It may even be starting to rebound.

See Also: Is Ethereum a Good Investment?

On the other hand, Algorand ALGO/USD has broken out and skyrocketed. It hit resistance at $1.70 in February, April and May. Each time a selloff followed.

But now ALGO has broken this resistance and is trading above the important level. A new uptrend could be forming.