As Ethereum struggled to cross the $ 3,766 resistance, most of the alts found it difficult to sustain an unbroken rally. The general feeling still remained in the ‘fear’ zone.
While collecting large volumes was a substantial hurdle, SAND and NEAR exhibited increasing bearish influence.
After a sell-off, ETH saw a 12.34% decline after the ascending (white) channel breakout on December 27. This slide broke multiple test levels but found support at the $ 3,635 level that held for almost two months.
Therefore, after a breakout of the descending channel, ETH experienced a rally that tested the $ 3,766 mark five times in the past three days. During this phase, it marked higher lows while maintaining the previous mark. This movement represented a greater buying pressure. As a result, ETH jumped above its 20-SMA (red).
However the Volume oscillator it was still in a downtrend, indicating a weak bullish move.
At press time, the alt king was trading at $ 3,742.8. After hitting its all-time low of 18.78, the RSI saw higher peaks and valleys, but could not cross the midline. With the + DI (blue) and -DI (yellow) in the opposite direction, the alt may suffer a short-term pullback.
The sandbox (ARENA)
SAND bulls crossed the 38.2% Fibonacci resistance as they recovered the crucial support at $ 6.03 after forming a rising wedge (green, reversal pattern). As a result, it reached its three-week high on December 26.
As the 61,8% Fibonacci it remained as strong resistance, and an expected breakout from the reversal pattern occurred. Since then, SAND has posted a 20.39% retracement until it hit its weekly low on December 30.
Over the past week, the alt marked lower peaks as it secured the $ 5.7 test point. This trajectory hinted at greater selling power. Any further breakdown would find support at the $ 5.4 mark.
At press time, the alt was trading at $ 5,882. The RSI It was at the 46 mark and showed a bearish bias. However the OBV marked a slope, hinting at increased buying pressure over the past week. The ADX SAND showed a weak directional trend.
Near protocol (NEAR)
After a double bottom breakout in mid-December, NEAR posted exponential gains. It jumped a staggering 99.76% from the low on December 20 and pushed its ATH to $ 16.49 on December 27.
Then, after forming a bearish divergence between the RSI and price action, it retreated by almost 20% but found support at the uptrend line (white).
Over the past few days, it formed a symmetrical triangle and broke its uptrend line support (white). Any further withdrawal would find a testing ground at the $ 13.2 mark.
At press time, the alt was trading below its 20-50 high school to $ 14,892. The RSI He wavered near balance after blinking neutral signs. He too DMI reaffirmed the previous analysis. In addition, the MACD represented a growing bearish momentum. However the ADX showed a weak directional trend for the alt.
This is a machine translation of our English version.
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Ethereum, SAND, NEAR Price Analysis: Jan 02