Ethereum Holds Support

Neither this post nor any other on cryptofal.com should be taken as financial advice. It is not.

ETH 4-hour candle chart, 4/13/22

ETH is currently coiling above a line of support after dipping following BTC’s significant dips from the other day.

The volume looks to have mostly dipped. The support above $2,950 seems to be holding fairly strongly. Holding this range could be a good sign for both ETH’s price as well as the broader altcoin space. It’s very likely that ETH’s price will continue to follow BTC as BTC looks to settle, so volatility could continue depending on broader market movements.

Currently, the MFI is trending upwards strongly and is no longer bordering oversold territory. The MACD is swinging upwards as well on both its momentum waves and EMA lines. These are fairly bullish signs as ETH consolidates in this range, but it’s important to keep in mind that fundamental developments such as news of inflation could continue to cause volatility.

The overall cryptocurrency market is currently at approximately $1.85 trillion with a volume of $88 billion. BTC dominance is currently 40.8% with ETH dominance at 19.6%. With BTC losing dominance and ETH gaining slightly, we’re seeing a lot more movement in the broader altcoin space. This means that altcoins may be slightly outpacing BTC today.

ADA 4-hour candle chart, 4/13/22

ADA has also broken a range of support recently. It’s currently attempting to settle above $0.90 and looks to have support in this area.

The MFI is still moving fairly neutrally, with what looks to be a chance of trending downwards to test oversold territory once more. The MACD is currently trending fairly neutrally over the past week or so, but could also be looking to trend downwards in the short term.