Bitcoin price plunged towards $45.7 in searching for liquidity, and it attracted buyers, rising towards $48.7 at this publication. Alternative coins reacted positively to BTC’s rebound.
Ethereum traded beyond the $4K mark as EOS broke above a month-long trend-line resistance. VeChain also gained about 5% since its Monday lows.
Ethereum downswings had it in the $3,800 value area. However, the alt encountered massive bidding and sentiments from BTC’s bounce saw ETH rallying past $4K over the previous few hours.
December’s Fixed Range Volume Profile indicated ETH’s current trading levels of $4,035 as the Point of Control. For now, the alt might witness heavy selling momentum in the $4,000 – $4,100 range.
Ethereum also overpowered a descending trend-line resistance from December early sessions as the RSI displayed bullish pressure behind Ether on the two-hour chart.
Meanwhile, the FIB retracement indicated a 38.2% level around $4,077. A 4hr or hourly close beyond $4,100 on massive volume would show bullish momentum.
EOS has hovered inside a triangle formation over the last few sessions and has broken out during Tuesday’s price movements. A massive resistance stands at the $3.4 – $3.5 value area as selling momentum intensified around this range over the last few days.
The CMF indicator rose beyond +0.05 to indicate capital flow towards the market, authorizing buying strength. Also, the Awesome Oscillator rose beyond the zero-line (hourly chart) to flash bullish momentum.
The false downward break over the recent hours followed by a massive low timeframe upswing signals bullish strength. However, no one knows whether that will mean a higher move as the resistance at $3.5 remains strong.
Using two Fibonacci retracement sets around the $0.07 swing low reveals confluence areas for VET. These are regions of colossal resistance, near $0.097, $0.115, and $0.141.
Though OBV seemed to breakout from a triangle formation, the price has not surged beyond the two-week trend-line resistance.
Moreover, VET has high timeframe resistance around the $0.082 – $0.086 value area. VeChain has to reclaim this zone as a demand area to bounce towards higher levels. Meanwhile, market players can use the $0.085 retest to go long.