Bitcoin’s price has been pushed back into the $ 45.7 region in search of liquidity and has found buyers in the past few hours, trading at $ 48.6 at press time. Altcoins have responded positively to the BTC rally. Ethereum was trading above $ 4000 again while EOS broke trendline resistance from the previous month. VeChain has also gained around 5% since yesterday’s low.
ether [ETH]
Source: ETH / USDT on TradingView
ETH has visited the $ 3,800 area (cyan box) where the bids are strong and with the BTC impact, ETH could also rebound towards $ 4,000 in the last few hours.
the Fixed area volume configuration shows in December checkpoint (red) at $ 4035 which is where ETH is trading at the time of writing. $ 4,000 to $ 4,100 is an area where there could be massive selling pressure.
ETH has also broken the resistance of the descending trend line since the beginning of December and RSI has shown a bullish momentum on the 2-hour chart according to ETH. the Fibonacci retracement the chart levels show the 38.2% level at $ 4077.
Hourly or 4-hour candles that close above $ 4,100 on high volume indicate bullish strength.
EOS
Source: EOS / USDT on TradingView
EOS has been compressing in a triangle pattern for the past few days and has finally seen a breakout in the past few hours. There is still a zone of resistance in the $ 3.4-3.5 area as sellers have been actively engaged in this zone for the past few days.
the CMF indicator A rise above +0.05 indicates capital inflows, a sign of purchasing power. the Great oscillator also climbed above zero on the hourly chart to show bullish momentum.
A false break down in the past few hours (below the lower trendline, bouncing off the USD 3.12 support) followed by a sharp move higher in the lower timeframe is a sign of bullish strength. However, it remains unclear whether this will result in a move on a higher timeframe as the USD 3.5 resistance level remains strong.
VeChain [VET]
Source: VET / USDT on TradingView
Using two sets of Fibonacci retracement levels plotted at the same low of $ 0.07, multiple areas of confluence are seen between the two sets of retracements. These are the strong resistance areas at $ 0.097, $ 0.114, and $ 0.142.
While OBV seems to have broken out of the triangle, the price itself has had to climb above the trendline resistance (in blue) in the last two weeks. There is also resistance on a higher time frame in the range of $ 0.082 to $ 0.086.
VET needs to pull back on this area if necessary and you can use the retest of $ 0.085 to take long positions.