With the entire market retracement over the past few days, the Bitcoin Fear & Greed Index saw a slight decline as it continued to hover in the ‘fear’ zone. Ethereum and Dogecoin are seeing an upward channel breakdown on their 4-hours chart. Uniswap fell by marking a reversal pattern. Any bullish return is likely to find a hurdle near the $11.1-mark.
Ether (ETH)
ETH bears have started a substantial selloff since falling below the $4,000 mark. As a result, it touched its six-month low on January 24.
Since then, it has seen a 51.8% ROI breaking several supports (previous resistance) to reach its three-week high of $3,200. However, ETH noted an 11.3% retracement over the past three days. Thus, breaking from the up-channel (white). Other than this, 20 SMA (red) went down 50 SMA (Grey), confirms a declining bullish edge. Now, immediate support is at the $2,800 level while resistance is at the $3,017 level.
At press time, ETH was trading at $2,919.5. recession RSI There was a huge drop from its up-channel (yellow). After testing the 47-point mark twice, it fell towards the oversold zone. Any close above a falling wedge (white) can test its immediate resistance.
Dogecoin (DOGE)
The altcoin saw a 44.03% drop (since 14 January) and hit a nine-month low on 22 January. Since then, DOGE recouped its previous losses over the next few weeks.
A recovery phase marked an ascending channel (Yellow, reversal pattern) on its 4-hours chart. While $0.167-point was strong, DOGE saw a 15.7% five-day pullback. Now, an immediate resistance for the bears is near the $0.143 level. Bulls may face an obstacle near 20 EMA (cyan).
At press time, DOGE was trading at $0.1466. After moving into overbought territory, RSI Saw a patterned breakout and lost the 42-point level. This trajectory reflected a strong bearish impact. Other than this, AO Forecasting a bearish lead over the past day showing its declining strength.
Uniswap (UNI)
Since the fall from the $18.14-mark, UNI bulls have not been able to sustain a close above the $12.5-zone. Alt witnessed a decline of 47.51% (from 17th January) and touched its one year low on 24th January.
Since then, the UNI consolidated in a rectangle (yellow) after a sharp divergence with its RSI until a breakout on February 7. Nevertheless, the bears retained the $12.5-mark. Thus, the altcoin has seen a retracement of over 18% over the past five days, forming a falling wedge (white) on its 4-hours chart. Any close below the $10-mark (immediate support) would prompt a retest of the lower trend line of the wedge.
At press time, Alt was trading at $10.81. Since facing the obstacle near the 59-point, RSI Lost 40 points as well. It tried to test its resistance by saying in favor of the sellers.