Ethereum, Cosmos, Nano Price Analysis: 28 December

28 December 2020, Monday, 17:00 -
Ethereum, Cosmos, Nano Price Analysis: 28 December
Source: Pixabay

Ethereum noted a solidly bullish outlook on both its short and long-term charts and might target $800, if it climbs past $750. Cosmos registered increasing buying volume behind its ascent past the $4.8-level, but it remains to be seen if the market’s bulls can drive the prices higher to overwhelm the bears’ longer-term strength. Finally, Nano climbed above its $1-level of support.

Ethereum [ETH]

Source: ETH/USD on TradingView

Using the Fibonacci retracement tools, it was observed that the 50% retracement level and the 38.2% retracement level for ETH’s move from $551 to $738 lined up almost perfectly with previous levels of resistance and support. This highlighted the validity of the swing high and the low chosen.

The 27% Fibonacci Extension gave bulls a target of $798 for ETH, upon a breakout past $740.

The RSI climbed into the overbought territory, but the extraordinary trading volume of the few hours before press time highlighted buyer conviction and pointed to further upside for ETH.

A rejection at $740-$750 could see a pullback to the 38.2% retracement level at $660 and would give a good entry to a long position.

Cosmos [ATOM]

Source: ATOM/USD on TradingView

ATOM reclaimed the $4.8-level as support, yet saw a dip into the $4.60-$4.5 pocket of liquidity. At the time of writing, the digital asset gathered momentum to climb to the $5.25-level, with $5.45 as resistance above it as well.

The OBV showed that the past two weeks saw rising buying volume and yet, since late-November, the bears have been the dominant force in the market, a fact reflected both in price and on the OBV indicator.

A breakout on the OBV would be bullish and should be accompanied by rising prices as well. A flip of the $5.45-level of resistance to support would underline ATOM’s move towards the $6-region.

Nano [NANO]

Source: NANO/USDT on TradingView

For NANO, the range with boundaries at $0.91 and $1.19, highlighted in orange, is a range it has traded within for the past four weeks. The 20 SMA (white) showed that short-term momentum swayed the price to either side of the $1-support level, a level that was also the mid-point of the range.

The MACD highlighted neutral to weak bullish momentum in the short-term, one compounded by the price being above the mid-point. A retest and bounce towards $1.19 seemed likely in the coming days.

A close below $1 would suggest a move towards $0.91 for NANO, while a close outside the range would signal a strong move in that direction for the digital asset.

Read Also

The volumes are screwed up, the capitalization is swollen, what's next?

The volumes are screwed up, the capitalization is swollen, what's next?

Exchanges attract daily volumes with the help of bots cheating. The altcoin is not engaged in cheating, but it attracts key players. It turns out that making decisions based on volumes is doubtful.

When to sell Bitcoin?

When to sell Bitcoin?

Everyone wants to know when to sell their tokens and leave the market. Prediction tools exist in closed access. For example, the Bitcoin Days Destroyed chart shows how active the long-term BTC coin holders are.

How not to miss the start of the bull market next time?

How not to miss the start of the bull market next time?

I would like to present a useful tool to identify the new Bitcoin growth cycle - the Golden Ratio Multiplier. Do not be afraid of unclear words. The important thing is that with the help of this chart it is easy to understand when the BTC starts a