While the bulls remain largely unchanged on the broader outlook, the global crypto market capitalization continues to decline. As a result, the RSI of Ethereum and Shiba Inu saw two confirmed tops after plummeting below their support. However, Ethereum’s CMF is clearly different from its price.
Shiba Inu also sees an oversold position, but its OBV looks hopeful to investors/traders.
Ether (ETH)
Source: TradingView, ETH/USD
The last bearish rally seems to have stalled after the coin bounced back from the long-term support at $3,000. After hitting a 15-week low on Jan. 10, king alt has rallied nearly 17% but has seen a pullback from the immediate supply zone (rectangle, yellow).
The altcoin has seen multiple red candlesticks in the past day after a large engulfing bar on Jan. 17. As buyers failed to get in, the bulls moved the $3,239.8 mark from support to resist.
At press time, the alt trades at $3,171.3. After RSI has dropped below 44, it confirms a Double-top pattern on its 4-hour chart. Therefore, it showed signs of weakness when it dropped to the oversold mark. Interesting, CMF is in an uptrend and bullish divergence with price action. This reading suggests a potential return to the upside.
Shiba Inu (SHIB)
Source: TradingView, SHIB/USD
The recent falling wedge break (yellow) shows that it is difficult to break above the $0.00003411 mark as the 61.8% Fibonacci resistance level still stands. Despite the bulls’ best efforts, the January 5 sell-off saw a retracement of more than 22% until the SHIB hit a three-month low on January 10.
After that, the meme token saw an exceptional rally and recovered previous losses, but the 50% resistance level remains strong. Over the past six days, the alt has dropped more than 16%. The immediate test point for the bulls is at 38.2%.
At press time, alt trades at $0.00002796. The RSI broke the oversold zone and confirmed a one-way downtrend. However, it is important to note that OBV does not correspond to the recent fall, hinting at a possible bullish return.
Terra (LUNA)
Source: TradingView, LUNA/USDT
Since hitting a three-week low on January 8, the alt has seen an impressive 39.6% rebound after recovering from 61.8%. However, the $86 resistance still stands as the alt sees a bullish channel breakdown (yellow). Accordingly, LUNA lost the support level of 38.2%.
Now, the test point for the bears stands at $74. Any reversal will find resistance near the $77 mark. At press time, LUNA trades at $75.36.
The RSI saw a sharp drop below the halfway line after forming a double top for the past six days. Besides, Super trend now has flashing a red signal. Besides, MACD below the equilibrium level, indicating increased selling pressure.