Ethereum, Uniswap, IOTA Price Analysis: 09 February

The past two weeks showcased a sizeable bullish recovery attempt after the bears pushed the prices to their multi-month lows on 24 January. Thus, Ethereum and IOTA continued their up-channel trajectories while jabbing through crucial support levels. On the flip side, Uniswap saw a rectangle breakout as the bears tried to defend the $12.5-area.

Ether (ETH)

Source: TradingView, ETH/USD

Since falling below the $4,000-mark, ETH bears initiated substantial sell-offs. As a result, ETH registered a 46.81% loss (from 27 December high) and touched its six-month low on 24 January.

Since then, however, it saw a 43.2% ROI in just the last 15 days while snapping off multiple supports (previous resistance). As a result, the alt marked an ascending channel (white) and reclaimed the $3000-support. Further, the 20 SMA (red) and the 50 SMA (cyan) moved above the 200 SMA, reaffirming the increased bullish edge. From here on, immediate resistance stood at the $3,200-level while the $3000-support stood strong.

At press time, ETH traded at $3,098.1. The bullish RSI undertook a steep recovery in an up-channel (yellow). After swaying in the overbought region for four days, it plunged to test the lower trendline on 9 February. This reading hinted at a bullish bias. Besides, the Squeeze Momentum Indicator pointed at a low volatility phase in the near term.

Uniswap (UNI)

Source: TradingView, UNI/USDT

Ever since reversing from the $18.14-mark, UNI bulls have not been able to propel a sustained close above the $12.5-zone. The alt noted a 47.51% fall (from 17 January) and touched its one-year low on 24 January.

Since then, UNI moved in a rectangle (yellow) between two horizontal trendlines until a breakout on 7 February. However, the bears still upheld the $12.5-mark (immediate resistance). Any retracements would continue to see support at the $11.18-level.

At press time, the alt traded at $12.11. Since crossing the 40-mark, the RSI managed to see impressive gains that helped it sustain a close above the half-line. Also, UNI saw an over 14% two-day gain after a bullish divergence (yellow trendline) with its RSI. However, the ADX depicted a weak directional trend for the alt. 

IOTA

Source: TradingView, IOTA/USDT

IOTA saw a substantial up-channel breakdown on 20 January and marked a 37% retracement towards its six-month low on 24 January. Consequently, the bears flipped the vital $1.03-mark from support to immediate resistance.

But the bulls failed to dwindle as they initiated an up-channel (yellow) rally that fetched nearly 48% gains in the last 16 days.

At press time, IOTA traded at $1.0221. The near-term technical indications hinted at slightly decreasing buying influence. The RSI chose the bulls by moving near the overbought region. But it formed a bearish divergence with the price as it showed some slowing signs.

This news is republished from another source. You can check the original article here

Be the first to comment

Leave a Reply

Your email address will not be published.


*