Ethereum, Solana, Dogecoin Price Analysis: Dec 31

With Bitcoin hovering between $ 47,000 and $ 48,000, the market has yet to drive a strong recovery. Ethereum appeared to rebound from an oversold position, but struggled to gather enough volumes. Furthermore, Dogecoin consolidated in a range that offered the most liquidity while showing mixed signs.

Solana, on the other hand, headed to test the 61.8% Fibonacci support after forming a reversal pattern on its 4-hour chart.

Ethereum (ETH)

Following an upward trajectory since December 17, ETH retested the 200-high school (green) four times before breaking below 38.2%, 50% from Fibonacci supports.

A convincing close above the $ 3,759 level would confirm the strength of the 11-week Fibonacci support. Despite a breakdown of the descending channel (yellow), the upper level and the 20 high school (red) was an obstacle for the bulls to taste it.

Now, as the $ 3,635 support prevailed for more than two months, the alt marked a 2.3% gain in 24 hours. However the Volume oscillator It was down on the last day, indicating a weak bullish move.

At press time, ETH was trading below its 20-50-200 SMA at $ 3,748.7. After hitting its all-time low of 18.78, the RSI climbed above the 33 mark but still failed to cross the half line.

Solana (SOL)

TradingView, SOL / USD

The sharp rise after the reverse head and shoulder encountered stiff resistance at the $ 203 mark after touching its three-week high on December 27. Since then, it marked a retracement of almost 15.62% to date and lost 23.6%, 38.2% from the Fibonacci supports.

However, the bulls have secured the gold level of 61.8% for the best half of December. Now, SOL witnessed a falling wedge (reversal yellow pattern) on its 4-hour chart. The immediate test point for the bears stood at the $ 169 mark.

At press time, the alt was trading at 171.9775. The RSI it was close to the oversold region after showing slight signs of revival. A reversal of this level would be natural. In addition, the MACD showed bearish vigor, but its lines were on the verge of a bullish crossover. However, SOL will need higher volumes to trigger a sustained breakout from here.

Dogecoin (DOGE)

DOGEUSD 2021 12 31 11 48 11

TradingView, DOGE / USD

As we saw in the Previous article, DOGE formed a descending wedge (green) and saw an expected breakout during the previous day. Trading volumes rose sharply with the breakout candle, indicating a healthy bullish move.

Post a breakdown of the ascending channel (yellow), the DOGE bears have secured the oscillating range of $ 0.1919 and $ 0.1623 for almost a month. In addition, the Press the moment indicator again, black dots flashed as they hinted at a phase of low volatility. Now, a short-term consolidation should come as no surprise to investors.

In addition, it traded close to its Control Point, which offered the highest liquidity during the last two months. At press time, DOGE was trading at $ 0.0. The RSI moved sideways after reversing his immediate hurdle at the 44 mark.

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Ethereum, Solana, Dogecoin Price Analysis: Dec 31

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