When Bitcoin returned to the $ 51,000 region, Ethereum crossed the $ 4,000 mark again, while Dogecoin attempted to break the Fibonacci resistance level of 23.6%. In addition, MANA has passed the $ 3.64 mark.
However, the overall trend still needs high volume support to confirm a strong reversal.
Ethereum (ETH)
Source: TradingView, ETH / USDT
On its 4-hour chart, ETH broke out after a month-long downtrend when the trend reversed and formed a bullish (white) channel last week. The largest altcoin has seen an expected retreat after a bearish divergence (between RSI and price movement, in blue).
The demand zone for ETH and the lower channel supported this move as the price rebounded from it. As a result, it was up 6.3% on December 23 as the bulls broke the $ 4,000 mark. They managed to keep the price above this level for the past 10 days after the fifth test.
Now the immediate resistance is at $ 4,156, which is in line with the upper channel and the 200 SMA (green).
At the time of writing, ETH is trading at $ 4,080.38. the RSI broke the 59 mark for the first time since December 1, but took a sharp dip after some signs of easing. However, OBV does not seem to be keeping up with the uptrend as it was historically at $ 4,150.
Dogecoin (DOGE)
Source: TradingView, DOGE / USD
Last day, DOGE broke the 23.6% Fibonacci resistance level after tipping 6.23% from the December 22nd low reply to tweets.
But the rally stopped at the immediate resistance of $ 0.182, securing the previous range ($ 0.162 to $ 0.182). Given the uptrend of the volume oscillator, DOGE could find immediate support on the trendline (yellow). However, the recent pullback volume is higher than the tilt volume. For any further breakdown, support at 20-SMA (Blue).
At press time, DOGE is trading at $ 0.1817. the RSI saw a decline from the overbought zone and stood at 61. The Momentum squeeze indicator flashing gray dots, which indicate a phase of high volatility.
MANA
Source: TradingView, MANA / USDT
MANA stopped its downturn at the one-month support at $ 3.02. Alt has seen a steady decline after hitting its all-time high on November 25th. As the price rebounded from these levels it has seen a bullish channel for the past week.
On December 23, the alt hit 19.49% on a break from the two-week support at $ 3.64 (previous resistance). A pullback then occurred as the upper channel coincided with the 200 SMA (green) and assumed strong resistance.
At press time, MANA is trading at $ 3,681. the RSI has risen 20 points towards the overbought zone and is showing signs of a recent reversal. However, OBV not spike enough to compare to its previous high at the same price.