Ethereum, Shiba Inu, VeChain Price Analysis: 18 November

After a bullish rally in October and early November, last week saw a significant correction for most cryptos.

Ethereum and Vechain registered double-digit losses over the past week. On the other hand, Shiba Inu has been on a steady downtrend for the past three weeks. Accordingly, near-term technicals for all the aforestated cryptos undeniably reflect a bearish bias.

Ethereum (ETH)

Source: TradingView, ETH/USDT

Ether heightened in a slope between two parallel channels over the past seven weeks. The largest altcoin performed well after registering a 61% ROI from 22 September to 10 November. Accordingly, it touched its ATH on 10 November at $4,868. 

Since 10 November, ETH saw a noteworthy 16.53% decline until it touched its three-week low on 17 November. The Bulls failed to show resistance at the lower channel while the bears triggered a strong pullback below $4,357.64 (immediate resistance). 

However, the bulls showed some revival signs as ETH traded at $4262.18 after noting a 2.4% increase in 24 hours. Nevertheless, the revival was on decreasing trading volumes, hinting at a weak recovery. 

Over the past ten days, 

Shiba Inu (SHIB)

Source: TradingView, SHIB/USD

The meme crypto did not perform well as it saw a steady downfall after touching its ATH on 28 October. The price firmly retreated in a descending triangle in the withdrawal phase. Accordingly, SHIB registered a nearly 44.85% downfall over the next 21 days until 18 November. Consequently, during this phase, the price hit its two-week low on 16 November.

This pullback confirmed the increased bearish vigor as the price action fell below the 20-50-200 SMA. While the bears constantly exerted pressure, the bulls found support at $0.0000445.

At press time, SHIB traded at $0.00004776. The RSI was essentially below or near the midline for the past 18 days. This reading depicted that the bulls couldn’t find their ground during the constant sell-off phase. Further, the DMI and AO reaffirm RSI’s conclusion.

VeChain (VET)

Source: TradingView, VET/USDT

Since early October, VET was on an uptrend. The price action oscillated between two parallel channels heading north. Since 1 October, the altcoin rallied by over 100% to touch its six-month high on 9 November at $0.18755.

Since then, however, the alt witnessed a strong pullout as the price noted a 27.6% blip. Accordingly, it poked its two-week low on 16 November. 

Over the past two days, bulls tried to trigger a rally but couldn’t gather force. At press time, VET traded at $0.14088. The RSI was southbound after displaying weak signals and preferring the sellers. Additionally, the DMI confirmed the increased bearish vigor with a high directional trend. Nevertheless, AO readings hint at a possibility of ease in bearish momentum.