Ethereum was trading within a range but the momentum to the downside appears to have abated, and the next few days may see ETH test the local high once more. Dash formed a bearish reversal pattern but an ensuing slide can be halted at imminent levels of support, while Dogecoin fell by 30% and could trade sideways over the next few days.
Despite the intense wave of selling pressure on Jan 10th, things were looking quite bullish for ETH on the charts in the long-term. The highs made before the drop saw a range established between support at $975 and resistance at $1290.
The recent local high was followed by a sweep of the range lows as the price briefly dipped past the 38.2% Fibonacci retracement level. Since then, the price has recovered somewhat and was trading beneath the mid-point of the range, which is at $1122.
The 4-hour RSI was back at the neutral 50, and it can be expected that ETH sees a move above $1120, retesting the level as support, and moves upward to test resistance at $1290 in the coming days.