With Bitcoin wavering between $47,000-$48,000, the market has not yet been able to propel a strong recovery. Ethereum seemed to recover from an oversold position but struggled to gather enough volumes. Besides, Dogecoin consolidated in a range that offered the highest liquidity while flashing 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)
TradingView, ETH/USD
Following an up-channel trajectory since 17 December, ETH retested the 200-SMA (green) four times before breaking down below the 38.2%, 50% Fibonacci supports.
A convincing close above the $3,759 level would confirm the strength of the 11-week-long Fibonacci support. Despite a down-channel (yellow) breakout, the above level and the 20 SMA (red) stood as a hurdle for the bulls to test.
Now, as the $3,635-support prevailed for over two months, the alt marked a 2.3% 24-hour gain. However, the Volume Oscillator downturned in the past day, indicating a weak bullish move.
At press time, ETH traded below its 20-50-200 SMA at $3,748.7. After poking its record low of 18.78, the RSI climbed above the 33-mark but still could not cross the half-line.
Solana (SOL)
TradingView, SOL/USD
The sharp rise post the inverse head and shoulder found strong resistance at the $203-mark after poking its three-week high on 27 December. Since then, it marked a nearly 15.62% retracement to date and lost 23.6%, 38.2% Fibonacci supports.
However, the bulls have ensured the golden 61.8% level for the better half of December. Now, SOL witnessed a falling wedge (yellow, reversal pattern) on its 4-hour chart. The immediate testing point for the bears stood at the $169-mark.
At press time, the alt traded at 171.9775. The RSI was near the oversold region after showing slight revival signs. A reversal from this level would only be natural. Further, the MACD showed a bearish vigor, but its lines were on the verge of a bullish crossover. Nevertheless, SOL will need increased volumes to trigger a sustained breakout from here.
Dogecoin (DOGE)
TradingView, DOGE/USD
As we saw in the previous article, DOGE formed a falling wedge (green) and saw an expected breakout over the past day. The trading volumes saw a sharp spike with the breakout candlestick, indicating a healthy bullish move.
Post an up-channel (yellow) breakdown, DOGE bears have ensured the $0.1919 and $0.1623-mark oscillating range for nearly a month now. Further, the Squeeze Momentum Indicator again flashed black dots while hinting at a low volatility phase. Now, a near-term consolidation should not surprise the investors.
Additionally, it traded near its Point of Control that offered the highest liquidity for the last two months. At press time, DOGE traded at $0.0. The RSI moved sideways after turning back from its immediate hurdle at the 44-mark.