- VeChain (VET) price was at $0.023, down 5% in the past 24 hours, while Ethereum (ETH) traded near $1,940.
- Both altcoins have retreated from recent highs amid profit deals and as Bitcoin drops below $36k.
VeChain (VET) broke higher earlier this month as the crypto sentiment around Bitcoin and Ethereum ETFs combined with other positive news to buoy buyers. VET surged as high as $0.023, the cryptocurrency’s highest level since April 30.
But in reaching a six-month high, VeChain welcomed profit takers amid similar struggles for crypto and equities. Indeed, VET/USD is down 5% in the past 24 hours and nearly 8% this past week.
VeChain’s 30-day gains are currently trimmed to just over 26% as price falls to $0.020.
VeChain price outlook as ETH eyes major support area
The struggles for VET price come as the top altcoin by market cap Ethereum battles to hold onto gains above $2k. Ether price is changing hands near $1,940 at the time of writing, down 3% in the past 24 hours and nearly 9% this past week.
ETH touched highs of $2,136 on November 10, but has given up some of the gains as it fell to lows of $1,906. A return above the psychological $2,000 level is key to a bullish continuation. An analyst has predicted ETH could jump to $3,100.
If ETH/USD falls below $1.9k, its possible bears will target $1,740.
Looking at VeChain, we see a similar scenario where bulls are struggling to shed the sell-off pressure after prices spiked to multi-month highs.
VeChain price chart
Just as with ETH, VET’s daily chart shows a negative outlook suggested by the RSI and MACD indicators. If price falls below $0.020, downside momentum could push the cryptocurrency to $0.018.
Further support could be found between $0.016 and $0.014.
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