Earlier this month, VeChain (VET) surged higher as investors were encouraged by favourable news and the cryptocurrency optimism around Ethereum and Bitcoin ETFs. The value of VET increased to $0.023, the highest point for the cryptocurrency since April 30.
But in the midst of comparable problems for stocks and cryptocurrency, VeChain welcomed profit takers as it reached a six-month high. In fact, VET/USD has dropped by around 8% over the last week and by 5% over the last 24 hours.
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The price of VeChain is presently down to $0.020, reducing its 30-day gains to little over 26%.
Price forecast for VeChain as ETH approaches a key support area
The price of VET is struggling as Ethereum, the leading cryptocurrency by market capitalization, tries to hang on to its gains over $2,000. As of this writing, the price of ether is trading around $1,940, down 3% over the last day and roughly 9% over the last week.
On November 10, ETH reached highs of $2,136, but since then, it has lost part of its gains and dropped to lows of $1,906. A bullish continuation will depend on a bounce over the crucial $2,000 mark. According to a forecast by an analyst, ETH may reach $3,100.
Possible bears of ETH/USD might aim for $1,740 if the pair closes below $1.9k.
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Similar circumstances can be observed on VeChain, where bulls are finding it difficult to release the sell-off pressure following a jump in prices to multi-month highs.
Similar to ETH, the RSI and MACD indicators on VET’s daily chart point to a poor future. Should the price drop below $0.020, the coin may reach $0.018 due to negative momentum.
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