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Ethereum, SAND, NEAR Price Analysis: 02 January

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As Ethereum struggled to cross the $3,766 resistance, most alts found it difficult to sustain an uninterrupted rally. The overall sentiment still remained in the ‘fear’ zone.

While gathering hefty volumes was a substantial hurdle, SAND and NEAR exhibited an increasing bearish influence. 

Ethereum (ETH)

Source: TradingView, ETH/USD

Following a massive sell-off, ETH saw a 12.34% decline after the up-channel (white) breakdown on 27 December. This fall snapped multiple testing levels but found support at the $3,635-level that stood for nearly two months now.

Thus, after a down-channel breakout, ETH saw a recovery that tested the $3,766-mark five times in the last three days. During this phase, it marked higher lows while maintaining the above mark. This movement depicted increased buying pressure. As a result, ETH jumped above its 20-SMA (red). 

However, the Volume Oscillator was still in a downtrend, indicating a weak bullish move. 

At press time, the king alt traded at $3,742.8. After poking its record low of 18.78, the RSI saw higher peaks and troughs but failed to cross the midline. With the +DI (blue) and -DI (yellow) heading in the opposite direction, the alt may see a near-term setback.

The Sandbox (SAND)

Source: TradingView, SAND/USDT

SAND bulls crossed the 38.2% Fibonacci resistance as it reclaimed the crucial $6.03 support after forming a rising wedge (green, reversal pattern). As a result, it poked its three-week high on 26 December. 

As the 61.8% Fibonacci stood as a strong resistance, and expected breakdown occurred from the reversal pattern. Since then, SAND saw a 20.39% retracement until it poked its weekly low on 30 December.

Over the past week, the alt marked lower peaks while ensuring the $5.7 testing point. This trajectory hinted at increased selling power. Any further breakdown would find support at the $5.4-mark.

At press time, the alt traded at $5.882. The RSI was at the 46-mark and displayed a bearish bias. However, the OBV marked an incline, hinting at increased buying pressure over the past week. The ADX displayed a weak directional trend SAND.

Near protocol (NEAR)

Source: TradingView, NEAR/USDT

After a mid-December double bottom breakout, NEAR marked exponential gains. It jumped by a staggering 99.76% from the 20 December low and poked its ATH at $16.49 on 27 December. 

Then after forming a bearish divergence between the RSI and price action, it pulled out by nearly 20% but found support at the bullish trendline (white).

Over the past few days, it formed a symmetrical triangle and breached its bullish trendline (white) support. Any further pullout would find testing grounds at the $13.2-mark.  

At press time, the alt traded below its 20-50 SMA at $14.892. The RSI wavered near the equilibrium after flashing neutral signs. Also, the DMI reaffirmed the previous analysis. Further, the MACD depicted an increasing bearish momentum. However, the ADX displayed a weak directional trend for the alt.


With a background in financial analysis and reporting, Yash is a full-time journalist at AMBCrypto. He has a keen interest in blockchain technology, with a primary focus on technical analysis of cryptocurrencies.
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