Ethereum, Shiba Inu, Terra Price Analysis: 18 January

While the bulls still could not alter the broader outlook, the global crypto market cap kept slackening. Consequently, Ethereum and Shiba Inu’s RSI saw confirmed double-top after a sharp plunge below their supports. However, Ethereum’s CMF bullishly diverged with its price.

Shiba Inu also saw an oversold position, but its OBV seemed hopeful for the investors/traders. 

Ether (ETH)

Source: TradingView, ETH/USD

The bearish rally finally seemed to stall after the alt bounced back from its long-term support at the $3,000-level. After poking its 15-week low on 10 January, the king alt grew by nearly 17% but saw a pullback from its immediate supply zone (rectangle, yellow).  

The altcoin witnessed multiple red candlesticks over the past day after a big engulfing stick on 17 January. As the buyers failed to step in, bulls flipped the $3,239.8-mark from support to resistance.

At press time, the alt traded at $3,171.3. After the RSI fell below the 44-level, it confirmed the Double-top pattern on its 4-hour chart. Thus, it flashed weak signs as it plunged toward the oversold mark. Interestingly, the 

Shiba Inu (SHIB)

Source: TradingView, SHIB/USD

The recent falling wedge (yellow) breakout found it difficult to breach the $0.00003411-mark as the 61.8% Fibonacci resistance stood strong. Although the bulls strove hard, the 5 January sell-off saw an over 22% retracement until SHIB poked its three-month low on 10 January. 

Then, the meme token saw an exceptional rally and recovered its previous losses, but the 50% resistance stood strong. Over the last six days, the alt was down by over 16%. The immediate testing point for the bulls stood at the 38.2% level.

At press time, the alt traded at $0.00002796. The RSI poked the oversold region and confirmed a one-sided bearish vigor. However, it becomes vital to note that the OBV did not correspond with the recent fall, hinting at a possible bullish comeback.

Terra (LUNA)

Source: TradingView, LUNA/USDT

Since poking its three-week low on 8 January, the alt saw an impressive 39.6% recovery after rebounding from the 61.8% level. However, the $86-level resistance stood strong as the alt saw an up-channel (yellow) breakdown. Accordingly, LUNA lost the 38.2% support level. 

Now, the testing point for the bears stood at the $74-level. Any reversals would find resistance near the $77-mark. At press time, LUNA traded at $75.36. 

The RSI saw a steep decline below the half-line after forming a double-top for the last six days. Also, the Supertrend now flashed a red signal. Also, the MACD lined dip below the equilibrium, hinting at increased selling pressure.