Ethereum saw some selling pressure that forced it back beneath $2000. Uniswap showed that its bullish momentum had weakened in the short-term, and Dogecoin has halted its slow descent and found a level of support.
On the 1-hour chart, ETH slipped out of a rising channel it was trading in over the past few days. The $1950-$2050 region was highlighted as a zone of supply that the bulls would need to flip to one of demand. They were unsuccessful on this try.
The RSI dropped beneath neutral 50 and showed a downtrend in progress as ETH formed a lower high, yet the 23.6% retracement level held as support. A revisit of the $1875 region looked likely, and the reaction of the price over the next couple of days will show whether a deeper correction is imminent, or whether the pullback was over and ETH could revisit $2000.
A quick recovery would need $1875-$1900 area to be defended by the bulls.
Uniswap surged by more than 50% the previous day to record highs at $32.9. The bullish momentum weakened, and UNI couldn’t rise any further in the intraday outlook.
The MACD formed a bearish crossover and began to show slowly rising bearish momentum even as UNI dipped to $27 and tried to recover with a retest of $32. At the time of writing, there was no clear buy or sell signal yet. Good buying opportunities lie at the confluence of the Fibonacci retracement levels, for example at $25 or $23.7.
Dogecoin slipped lower on the charts in recent weeks. The Awesome Oscillator showed bare-bones momentum and the Bollinger bands remained steady and close to the price. Trading volume has also been consistently low.
The 50 SMA (yellow) was moving above the 20 SMA (white), however, the $0.054 level of support has held sellers at bay over the past few days.
Below $0.054, some support can be found at the $0.044 mark as well.
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