The ongoing bearish run had EOS and Ethereum sinking to their multi-yearly/month lows during January 24 sessions. Now, the alts’ short-term indicators suggested reducing selling pressure, but increased volumes remain necessary for sustained upside movements. On the other side, NEAR saw continuous declines following its January 15 ATH.
Ethereum (ETH)
The January 21 market-wide sell-off had Ethereum bulls failing to defend the critical support at $3,000, bears flipping the level into resistance. The alternative coin recorded a 33.84% drop from January 20 peak, touching a 6-month low on January 24. The latest declining wedge breakout violated the $2,550 barrier. After that, the 20-Simple Moving Average remains a massive barrier for Ether bulls.
While writing this analysis, Ether traded at $2,383.1. The broad market crash saw the RSI recording a 43-point drop, hitting 22-month lows on January 22. Though the indicator bounced after that, it could not overcome the 44-level resistance. The MACD highlighted the bearish pressure, but the histogram closed beyond the equilibrium. Such a reading shows reducing bear influence.
Near Protocol (NEAR)
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NEAR escaped the broad market sentiment with uptrends since December 2021. The crypto registered a whopping 56.7% ROI from January 10 low, climbing towards the ATH of $20.597 on January 15.
Since then, NEAR dropped 53.83%, surrendering the vital mark at $13.2. However, the previous day’s gains saw bulls forming a short-term demand region for the coin. For now, bulls have the closest obstacle at $10.9.
While publishing this content, the alternative coin exchanged its hands at $10.36. The Relative Strength Index Witnessed a massive resurgence within the last 72 hours after touching record lows of 18.4. A decisive close beyond 33.9 would clear the road for recovery potential.
Surprisingly, the OBV kept the support that maintained NEAR higher within the last month. That highlighted recovery possibilities for NEAR bulls. Furthermore, the Squeeze Momentum Indicator (SMI) suggests a short-term low volatility session.
EOS
EOS saw downward channel declines as sellers joined around the $2.9 mark. However, the patterned breakout faded within no time as the overall market dipped. That way, EOS noted a 30.41% drop, touching 22-month lows on January 24. For now, the bulls’ testing point stands at $2.28.
While publishing this analysis, EOS trades at $2.188. The RSI flashed bearish preference. Moreover, the Awesome Oscillator chose bears but displayed green bars, indicating decreasing selling strength. Though the Chaikin Money Flow improved, it requires a close beyond the zero-line to authorize massive recovery.
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