Ethereum, Shiba Inu, Algorand Price Analysis: December 19th

While Bitcoin Fear and Greed Index After rising 6 points in 2 days, the bulls have gained some movement as Bitcoin and Ethereum are up more than 2.5% in the past 24 hours.

However, the Shiba Inu bulls struggled to trigger an uptrend after the bears broke the 61.8% Fibonacci support level.

Ethereum (ETH)

On its 4-hour chart, ETH formed a long-term reversal pattern by watching a falling wedge over the past month. However, it has seen a symmetrical triangle (in green) for the past seven days.

After many tests, the bears finally broke 38.2% Fibonacci (previous support) to generate $ 3,503. But price action bounced back from the 61.8% Fibonacci support.

ETH has seen a nice rebound of 9.07% over the past three days in anticipation of a bullish divergence between RSI and price action (yellow trend line). But that rally has stopped at $ 4,000 as the bulls are now testing this level for the second time.

The ETH bulls will have to rebound as volume increases to break the $ 4,000 mark in support. the RSI found short term resistance at 59 as it progresses midway through. the DMI showed a downward trend but failed to create a strong directional trend for ETH.

Shiba Inu (SHIB)

SHIB has experienced a break from the V-top on December 2nd and descending channeling (yellow) for the past 15 days. Alt has lost more than 40.53% in value in 18 days.

That decline broke the gold Fibonacci level of 61.8% while the bears also broke the critical resistance level of $ 0.000035. Then when the center line (white, dashed) of the bearish channel became an immediate barrier, the bears tested the lower (yellow) channel three times in the past six days.

At press time, SHIB is trading 63.3% lower than ATH at $ 0.0003166. the RSI couldn’t stay halfway this month. More, OBV lost its previous long-term support.

Algorand (ALGO)

ALGO was fairly relaxed after hitting $ 2.94 on Nov 18th. The price action then took a sharp dip as it fell below the $ 1.84 mark. After forming a rising channel (white), the bulls broke above levels but succumbed to the wider sell-off in December.

As a result, after forming a bearish flag, it broke further below the $ 1.59 mark (three-month resistance) on a falling channel (yellow).

However, at the time of publication, ALGO was trading at $ 1.3924 after posting a gain of 2.6% over 24 hours. As a result, there was an eruption over the Upper Canal. the RSI fought for half when the neutral signs lit up. Although the price action marks a recent low, OBV appears to be finding strong short-term support, suggesting a possible sell-off.