ETH Shows First Red Candle in Days

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ETH daily candle chart, approximately 4:30 P.M. ET, 2/2/22.

Ethereum is looking pretty steady overall on the daily candle chart.

While ETH does have a red candle today, it looks like the overall uptrend since bottoming out about a week or so ago could still be in effect. It’s likely that ETH will attempt to search for higher support over the next day or so, which if achieved, would be a fairly bullish sign on the technical side.

The MFI is looking like it’s continuing a fairly sharp uptrend as it attempts to settle here in the middle a bit. The MACD has swung up fairly sharply with both the momentum and EMA lines looking to take an incline. It’s not too surprising that ETH is hitting resistance here, as this was previously a long-term area of support.

The overall cryptocurrency market is currently at $1.65 trillion with the overall market’s volume at $84 billion. BTC dominance is at 42.1% while ETH dominance is down to 17.4%.

ADA daily candle chart, approximately, 4:50 P.M. ET, 2/22/22.

ADA is an altcoin that has been consolidating fairly strongly in this area over the past couple of weeks. With the largest percentage of its circulating supply staked out of any cryptocurrency protocol, it’s not too surprising that this dollar support remains fairly strong. This helps limit the sell-side pressure by limiting the number of people holding for short-term goals by having the vast majority of the circulating supply in staking pools.

Currently, its MFI is bordering oversold territory as its MACD is attempting to swing upwards slowly. This could mean that if overall market volatility settles, it wouldn’t be surprising to see Cardano make some movements.