Keeping the controversies of a broader sell-off aside, ETH managed to hold onto its long-term 61.8% Fibonacci support. However, it still needs a attractive close above 20 SMA as volume picks up to set the stage for a recovery.
On the other hand, Filecoin continues its bearish outlook as it stays below the 20-50-200 SMA. ICP shows a slowing trend with 20 EMA support on its 4-hour chart.
Ethereum (ETH)
TradingView, ETH / USD
The market-wide pullback on January 5 caused ETH to drop in the long term (As of July) 38.2%, 50% Fibonacci support.
Although bulls defended the 38.2% level with confidence, the sell-off produced a 23.45% retracement (from Jan 5) until the king hit a 15-week low on January 10th. This drop formed a downward channel (white) but rebounded from 61.8%.
From here on, the next hurdle for ETH bulls lies in the upper channel coinciding with 20-SMA (Red). Any further decline will find testing support at $3,000.
At press time, alt is trading 36.3% lower than ATH at $3,110.3. The RSI is in an uptrend but cannot overcome the resistance at 43 points. While MACD the histogram shows increased buying power, its lines are still below 0. Recently, selling volume is much higher than slanting volume. Thus, indicating a strong bear influence.
Internet Protocol (ICP)
TradingView, ICP / USDT
The recent ascending channel (yellow) found a convincing close above the 38.2% Fibonacci resistance. Alt has seen an ROI of nearly 68.15% over the past 21 days after a sharp reversal from the $20.9 support.
The EMA bands experienced a bullish rally while 20 EMA standing is strong support for the past three days. Now, as the alt has struggled to break above the $38 mark from near the 61.8% level, it has seen a pullback.
Besides, Momentum Squeeze indicator Black dots flash, hinting at a period of low volatility. Any closing point below all the ribbons will indicate the possibility of a problem. At press time, ICP trades at $35.3 after recording a 1.41% gain in 24 hours. The RSI Prefers bulls but heads south halfway down the road.
Filecoin (FIL)
TradingView, FIL / USD
On the 4-hour chart, FIL sees a descending channel (yellow) over the past week. This pattern formed after the 31.97% retracement from the critical $35 resistance (previous support).
Supertrend has clearly picked up the long-term downtrend and prioritized the sellers. Immediate testing support currently stands at $25.4.
At press time, FIL trades under 20-50-200 SMA at $28.2. The RSI is barely able to break above the 40 mark while retesting the oversold zone three times in four days. More, Momentum Squeeze indicator indicates a period of high volatility by flashing gray dots. However, ADX shows a weak directional trend towards FIL.