Ethereum has a solidly bullish outlook on both its short-term and long-term charts. If it manages to climb above $750, Ethereum may aim for $800 as its next price objective. It remains to be seen if the market’s bulls can drive prices higher to overcome the longer-term strength of the bears, as Cosmos registered increasing buying volume behind its ascent above the $4.8 level. At long last, Nano managed to break through the $1 barrier that had been holding it back.
Ethereum [ETH]
Analysis of the Prices of Ethereum, Cosmos, and Nano on December 28
Using the Fibonacci retracement tools, it was observed that the 50% retracement level and the 38.2% retracement level lined up almost perfectly with previous levels of resistance and support for ETH’s move from $551 to $738. The move was measured from a low of $551 to a high of $738. This brought into focus the correctness of the swing high and low that was selected.
In the event that ETH prices broke out above $740, the 27% Fibonacci Extension suggested a target of $798 for buyers.
Despite the fact that the relative strength index (RSI) moved into the overbought territory, the extraordinary trading volume that occurred in the few hours before press time highlighted buyer conviction and pointed to further upside potential for ETH.
A failure to break through the $740–$750 resistance zone could trigger a pullback to the 38.2% Fibonacci retracement level at $660, which would provide an excellent opportunity to enter a long position.
Cosmos [ATOM]
Analysis of the Prices of Ethereum, Cosmos, and Nano on December 28
ATOM reclaimed the level of $4.8 as support, but it did see a dip into the pocket of liquidity located between $4.60 and $4.5. At the time this article was written, the digital asset was gaining steam to make its way up to the $5.25 level, with $5.45 serving as resistance directly above it.
Despite the fact that the OBV indicator showed that there was an increase in buying volume over the past two weeks, the bears have been the dominant force in the market ever since late November. This fact is reflected in both the price and the OBV indicator.
A bullish indicator for the market would be a breakout on the OBV, which should also be accompanied by an increase in price. If the $5.45 level, which has been acting as resistance, were to begin acting as support instead, this would highlight ATOM’s movement towards the $6 region.
Nano [NANO]
Analysis of the Prices of Ethereum, Cosmos, and Nano on December 28
The range for NANO’s price that has been highlighted in orange and has boundaries at $0.91 and $1.19 is a range that it has traded within for the past four weeks. The 20 Simple Moving Average (white) demonstrated that short-term momentum caused the price to move to either side of the $1 support level, which was also the level that acted as the range’s middle point.
The MACD indicated that there was neutral to weak bullish momentum in the short term, which was exacerbated by the fact that the price was above the midpoint. In the coming days, it seemed likely that there would be a retest followed by a bounce towards $1.19.
A close outside of the range would signal a strong move in that direction for the digital asset, while a close below $1 would suggest a move towards $0.91 for NANO. A close below $1 would suggest a move towards $0.91 for NANO.