Whereas Bitcoin reentered the $41,000-zone, Ether and Solana misplaced their golden 61.8% Fibonacci assist. Their near-term technicals skewed in favor of the sellers.
However, Fantom misplaced over 30% of its worth within the final 4 days however its OBV managed to keep up the excessive stage.
Ether (ETH)
TradingView, ETH/USD
ETH fueled its long-term bearish tendencies after a meltdown from the up-channel (white). It misplaced over 19.08% of its worth from 5 January and misplaced 61.8%, 78.6% longer timeframe Fibonacci helps.
The king alt fashioned a falling wedge (white) on its 4-hour chart after making certain the $3000-mark assist for over three months now. From right here on, ETH discovered it difficult to interrupt out of the $3,100-level. The subsequent hurdle stood on the $3,200-mark that coincided with the 20-SMA (purple).
At press time, the alt traded at $3,100.8. For the previous three days, the RSI swayed across the oversold area. It didn’t flash a sturdy revival on the time of writing. Additional, the extensive hole between the +DI and -DI visibly confirmed the bearish outlook. Lately, the promoting volumes had been larger than incline volumes. Thus, indicating a powerful bear market.
Solana (SOL)
TradingView, SOL/USD
Over the previous three days, SOL noticed elevated promoting strain resulting in a descending triangle (white) breakout on its 4-hour chart. The alt fell beneath its 61.8% Fibonacci assist and examined the $167-mark a number of instances. It was vital for the consumers to step in at this level to stop an additional breakdown.
Whereas they didn’t step up, the alt noticed a 34.97% retracement (from 27 December excessive) and misplaced additional Fibonacci ranges and obliged the 14-week assist at $134.96-level. The fast testing level for the bulls stood on the 20-SMA (purple).
At press time, the alt traded at $139.4025. Regardless of a revival, RSI stood weak on the 39-level. Additionally, the DMI confirmed a bearish choice whereas the ADX displayed a powerful directional development.
Fantom (FTM)
TradingView, FTM/USDT
As we noticed within the earlier article, after forming a bearish divergence (white), FTM worth motion reversed from its provide zone (rectangle, yellow).
The ascending broadening wedge (white) broke down after FTM poked its two-month excessive on 5 January. Since then, the alt misplaced almost one-third of its worth to search out testing grounds at $2.22-mark. Any additional downfall would discover testing assist on the $2.09-level.
At press time, FTM traded 34.4% beneath its ATH at $2.2462. The RSI solidly downturned and appeared towards the oversold territory on the time of writing. Additional, the DMI flashed a bearish bias too. Nonetheless, the OBV maintained the extent that it had at $3.01 and didn’t lose its assist. This studying indicated the existence of robust shopping for strain.
