Ethereum and Altcoins Break Support

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ETH 4-hour candle chart, approximately 8:20 A.M. ET, 2/22/22.

Ethereum broke support last night to test near $2,500, leading altcoins downward with it.

While ETH and the broader crypto space have been following BTC’s struggles in price, it’s not surprising that ETH and even more so altcoins are struggling to recover as BTC tests areas of support.

On the technical side of things, the MFI is making an attempt at trending upwards but has still yet to break its sideway movement from the last couple of days. The MACD is still moving fairly neutrally on the 4-hour chart.

The overall cryptocurrency market is currently just below $1.7 trillion with a volume of about $107 billion. BTC dominance is currently at 42.1% while ETH dominance is currently at 18.3%.

ADA daily candle chart, approximately 8:30 A.M. ET, 2/2/22.

ADA has found itself breaking yet another area of support. After testing around 82 cents, ADA is making an attempt at some upward movement, however, it remains to be seen if this upward movement will be sustainable.

The MFI is well into oversold territory while the MACD is looking like it could continue a downward swing. That being said, ADA historically has strong support anywhere below a dollar, so if the rest of the crypto market makes a recovery, it’s likely we may see a strong one from ADA.