While Bitcoin re-entered the $41,000-zone, Ether and Solana lost their golden 61.8% Fibonacci support. Their near-term technicalities skewed in favor of the sellers.
Phantom, on the other hand, lost over 30% of its value over the past four days, but its OBV managed to maintain higher levels.
Ether (ETH)
ETH extended its long-term bearish trend following a bearish break from the up-channel (white). It has lost over 19.08% of its value since January 5 and lost 61.8%, 78.6% Fibonacci support on the longer time frame.
King Alt formed a falling wedge (white) after securing $3000-mark support for over three months on its 4-hours chart. From here, ETH found it challenging to break out of the $3,100 level. The next hurdle was at the $3,200-mark which coincides with the 20-SMA (red).
As of press time, Alt was trading at $3,100.8. for the last three days RSI Flushed around the oversold zone. It did not show a strong revival at the time of writing. Furthermore, the wide difference between +DI And d Clearly confirmed the bearish outlook. Until recently, the sales volume exceeded the intended volume. Thus, indicating a strong bear market.
solana
Over the past three days, SOL saw an increase in selling pressure, causing a descending triangle (white) to break out on its 4-hours chart. Alt declined below its 61.8% Fib support and tested the $167-mark several times. It was important for buyers to step in at this point in order to avoid further breakdown.
Although they failed to make a move, alts saw a 34.97% retracement (from December 27 high) and further lost Fibonacci levels and bound the 14-week support at $134.96-level. The immediate test point for the bulls was the 20-SMA (red).
As at press time, Alt was traded at $139.4025. Despite the resurrection, RSI Weak at 39 level. This also DMI showed a bearish preference, while ADX Displayed a strong directional trend.
Phantom (FTM)
As we saw in the previous article, FTM price action reversed from its supply zone (rectangular, yellow) after forming a bearish divergence (white).
The ascending widening wedge (white) was broken after the FTM hit a two-month high on January 5. Since then, the alt lost almost a third of its value to find a testing base at the $2.22-mark. Any further downside will find it testing support at the $2.09 level.
At press time, FTM was trading down 34.4% from its ATH at $2.2462. RSI At the time of writing, there was a steep decline and looking towards oversold territory. Other than this, DMI Also showed a bearish bias. although obv Maintained the $3.01 level and did not lose its support. This reading indicated the existence of strong buying pressure.