While Bitcoin re-entered the $ 41,000 zone, Ether and Solana lost their golden Fibonacci support of 61.8%. Their short-term technical data tipped in the sellers’ favor.
On the other hand, Fantom lost more than 30% of its value in the last four days but its OBV managed to keep the level high.
ETH boosted its long-term bearish trends after a collapse of the ascending (white) channel. It lost more than 19.08% of its value since January 5 and lost 61.8%, a 78.6% more in the time frame that Fibonacci supports.
The alt king formed a descending (white) wedge on its 4-hour chart after securing support at the $ 3000 mark for more than three months. From here on, ETH found it difficult to break above the $ 3,100 level. The next hurdle was at the $ 3,200 mark which coincided with the 20-SMA (red).
At press time, the alt was trading at $ 3,100.8. During the last three days, the RSI it swung around the oversold region. It did not show a solid resurgence at the time of this writing. Furthermore, the wide gap between the + OF Y -FROM visibly confirmed the bearish outlook. Recently, sales volumes were higher than sloped volumes. Therefore, it indicates a strong bear market.
Over the past three days, SOL saw increased selling pressure leading to a breakout of the descending triangle (white) on its 4-hour chart. The alt fell below its Fibonacci support of 61.8% and tested the $ 167 mark multiple times. It was critical that buyers intervene at this point to avoid further breakdown.
While they were unable to step up, the alt saw a 34.97% retracement (from the December 27 high) and lost more Fibonacci levels and forced the 14-week support to a $ 134.96 level. The immediate test point for the bulls was at the 20-SMA (red).
At press time, the alt was trading at $ 139,4025. Despite a revival, RSI remained weak at level 39. Also the DMI showed a bearish preference while the ADX showed a strong directional trend.
As we saw in the previous article, after forming a bearish divergence (white), the FTM price action reversed from its supply zone (rectangle, yellow).
The upward expansion wedge (white) broke after FTM hit its two-month high on January 5. Since then, the alt lost nearly a third of its value to find proving grounds at the $ 2.22 mark. Any further decline would find test support at the $ 2.09 level.
At press time, FTM was trading 34.4% below its ATH at $ 2.2462. The RSI it was down solidly and looked into oversold territory at the time of writing. In addition, the DMI it also showed a bearish bias. However the OBV it maintained the level it had at $ 3.01 and did not lose its support. This reading indicated the existence of strong buying pressure.
This is a machine translation of our English version.
We would love to say thanks to the writer of this post for this incredible content
Ethereum Price Analysis, Solana, Fantom: Jan 09