Putting aside the widespread sell-off controversy, ETH managed to retain its long-term 61.8% Fibonacci support. However, it still needed a Forcing above 20 SMA on increased volumes to make way for a possible recovery.
Filecoin, on the other hand, continued its bearish outlook while staying below the 20-50-200 SMA. ICP is showing a bearish trend with support at 20-EMA on its 4-hours chart.
Ethereum (ETH)
A market-wide pullback on Jan 05 saw ETH drop 38.2%, the 50% Fibonacci support on the long term (since July).
Although the bulls firmly defended the 38.2% level, selloff provoked a 23.45% retracement (from Jan 05) until King Alt hit its 15-week low on Jan 10. The decline formed a down-channel (white) but rebounded from the 61.8% level.
From here, the next hurdle for ETH bulls was on the upper channel which coincided with 20-SMA (Red). Any further downside will find it testing support at the $3,000 level.
At press time, the alt was trading down 36.3% from its ATH at $3,110.3. RSI Was in an uptrend but failed to cross the 43-mark resistance. Whereas MACD The histogram showed increased buying power, with its lines remaining below the zero level. Until recently, sales volume was much higher than incline volume. Thus, indicating a powerful bear effect.
Internet Protocol (ICP)
The recent up-channel (yellow) found a solid close above the 38.2% Fibonacci resistance. Alt saw an ROI of around 68.15% over the past 21 days, following a strong reversal from the $20.9-support.
The EMA ribbon did a bullish flip while 20 EMA Stands as a strong support for the past three days. Now, as the alt struggled to cross the $38-mark from the 61.8% level, it witnessed a pullback.
This also squeeze speed indicator The black dots flashed to indicate a phase with low volatility. Any closure below all ribbons will indicate a potential breakdown. At press time, ICP traded at $35.3 after a 24-hour gain of 1.41%. RSI Preferred oxen but pointed south towards the half line.
Filecoin (FIL)
On its 4-hours chart, FIL has seen a descending channel (Yellow) over the past week. This pattern is formed after a 31.97% retracement from the crucial $35-point resistance (previous support).
Supertrend clearly chose a longer term bearish trend and preferred sellers. Immediate testing support is now at the $25.4-level.
At press time, FIL traded below 20-50-200 SMA at $28.2. The RSI barely crossed the 40 mark, retesting the oversold area thrice in four days. Other than this, squeeze speed indicator Flashing gray dots indicated a high volatility phase. Still, ADX Shown a weak directional trend for FIL.