Ethereum, Dogecoin, Aave Price Analysis: 23 January

Considering the situation across traditional markets and global macroeconomic factors, the crypto-market has seen a crash over the past two days. As a result, Ethereum, Dogecoin, and AAVE dove to poke their multi-month/yearly lows on 22 January.

Now, these cryptos need to reclaim their lost support levels on increased volumes to make way for a possible recovery window.

Ether (ETH)

Source: TradingView, ETH/USD

On its 4-hour chart, the king alt saw a down-channel breakout that halted at its then supply zone (rectangle, yellow). However, following the market-wide fallout on 21 January, ETH bulls failed to step in and defend the crucial $3000-mark long-term support (now resistance).

The altcoin witnessed multiple red candlesticks over the past two days after a big engulfing stick on 21 January. ETH registered a 29.63% loss (from 20 January high) and touched its 25-week low on 22 January. During this phase, it also formed a falling wedge (yellow).

At press time, the alt was trading at $2,434.4. After retesting the oversold region from the double-top breakdown, the RSI managed to test the 58-mark resistance on 20 January. Following the broader sell-off, it saw a staggering 43 point plunge until it hit its 22-month low on 22 January. Since then, it has bounced back but was still deep into the oversold region. Additionally, the

Dogecoin (DOGE)

Source: TradingView, DOGE/USD

DOGE saw a staggering 55.94% ROI (from 10 January low) until it touched its month-long high on 14 January. Since then, the bears have ensured the $0.1919-mark resistance as the price retreated by over 41.18% until the meme-token touched its nine-month low on 22 January.

Now, as the bulls seemed to defend the $0.1262-level, the immediate resistance stood at the $0.1456-mark. The alt marked an 11.4% recovery over the past day.

At press time, DOGE was trading at $0.1383. The RSI struggled to sustain itself above the 42-resistance for the past six days. Over the past day, it saw a 19 point recovery from the oversold territory. Although the OBV saw a dip, it maintained its level that supported higher price levels previously. This reading entailed a bullish comeback possibility.

AAVE

Source: TradingView, AAVE/USD

The alt managed to reverse its descent from the critical $159-mark long-term support (now resistance) on 15 December. Then, the alt saw a falling wedge (green) after reaching its six-week high on 28 December.

The breakout resulted in an up-channel (white), but the bulls couldn’t sustain the rally due to the broader sell-off. AAVE lost over 44% (from 15 January) of its value until it touched its year-long low 22 January. Now, the $159-mark becomes vital for the bulls to conquer to initiate a recovery phase.

At press time, AAVE was trading at $152.8163. The RSI saw a descending broadening wedge as it hovered around the oversold region. Any close above the pattern would propel a possible recovery. Similar to DOGE, AAVE’s OBV managed to maintain its support level. Thus, not depicting a hopeless sentiment for the bulls.