VeChain (VET) price view as ETH eyes rest above $1.9k
The price of VeChain (VET) is $0.023, down 5% in the last 24 hours, while Ethereum (ETH) is trading near $1,940. Both altcoins retreated from recent highs amid profit-taking deals and Bitcoin falling below $36k.
VeChain (VET) broke higher earlier this month, and crypto sentiment around Bitcoin and Ethereum ETFs combined with other positive news led buyers to buy. VET rose as high as $0.023, the cryptocurrency's highest level since April 30.
But as it hit a six-month high, VeChain welcomed profit-seekers amid similar struggles for crypto and equities. In fact, VET/USD is down 5% over the past 24 hours and is up nearly 8% over the past week.
VChain's 30-day gain is currently cut by more than 26% as price drops to $0.020.
VeChain price view as ETH eyes main support area
VET's price struggles come as top altcoin struggles to hold gains above $2k in market cap Ethereum. The price of Ether is trading near $1,940 at the time of writing, down 3% over the past 24 hours and up nearly 9% this past week.
Ethereum price chart
ETH hit an all-time high of $2,136 on November 10, but gave up some of its gains as it fell back to $1,906. A bounce back above the psychological $2,000 level is key to bullish continuation. One analyst predicted that ETH could jump to $3,100.
If ETH/USD falls below $1.9k, potential bears will target $1,740.
Looking at VeChain, we see a similar scenario where bulls are struggling to release the sell-off pressure after prices surged to multi-month highs.
VeChain price chart
Like ETH, the daily chart of VET shows a negative outlook suggested by the RSI and MACD indicators. If the price falls below $0.020, a low could emerge and push the cryptocurrency towards $0.018.
Additional support can be found between $0.016 and $0.014.
