As broader sentiment improved, the king alt recovered from the 61.8% Fibonacci support and crossed its 4-hour 20-hour SMA.
On the other hand, Terra has risen above 20-50-200 after returning to the 38.2% support level. While Ethereum, Shiba Inu, and Terra have recorded double-digit gains from their long-term supports, they need to back it up with enough volume to confirm a strong move.
Ether (ETH)
TradingView, ETH / USD
After hitting a 15-week low on January 10, ETH has recovered from the 61.8% Fibonacci support and is up over 10.7% over the past two days. ETH rallied after price divergence in an uptrend with the RSI.
Although the Alternate King has yet to regain the 50% support, it has found a close above 20-SMA (red) and the $3,200 level. From here on out, the next hurdle for ETH bulls is 50-SMA (glaucous).
It also becomes important to note the lower peaks on Volume Oscillator, showing the weakness of recent gains.
At the time of writing, alt trades at $3,250.4. The RSI was in an uptrend and finally broke through 43 in the past day. Now, it depicts a bullish trend and eyes to test the 58 point resistance. While MACD the histogram shows buying influence increased, its lines are still below the equilibrium point.
Shiba Inu (SHIB)
TradingView, SHIB / USD
The recent break of the falling wedge (yellow) suggests it is difficult to break the $0.00003405 mark as the alt looks for the highest liquidity near this area in almost six months (Control point, red).
Over the past few days, the SHIB fluctuated between two parallel lines facing south (white) and hit a three-month low on Jan. 10. While securing $0.00002622, the bulls started a two-day 10.9% rally in an attempt to reclaim the $0.00029114 key mark.
At the time of writing, alt trades at $0.00002882. The RSI finally closed above the halfway mark and started to rally. Interesting, Squeeze the Momentum indicator hinting at a period of low volatility. Similar to ETH, Volume Oscillator highlighted in the recent slant, implying a weak upward move.
Terra (LUNA)
TradingView, LUNA / USDT
Since hitting a three-week low on January 8, the alt has seen an impressive 24.11% rebound after recovering from 61.8%.
LUNA regains 50%, 38.2% support and passes 4 hours 20-50-200 SMA. Now, the immediate test point for the bulls is at $80.8. Any breakdown will find testing support at $74.9.
At press time, LUNA trades 24% lower than ATH at $78.6. The RSI showed signs of improvement after a sustained close above the midline. Meanwhile, Super trend finally flashed a green signal. However, OBV failed to mark the spike in proportion to recent gains, indicating weak buying pressure.