Algorand, Ethereum, Shiba Inu Price Analysis – December 19

ByDawn Pipkin

Dec 19, 2021

As the BTC fear & greed index witnessed a 6 point jump in 48 hours, bulls received relief with Ethereum, and Bitcoin gained over 2.5% within the past day. Nevertheless, SHIB bulls batted to initiate an upswing after bears breached 61.8% FIB support.

Ethereum (ETH)

Ethereum created a reversal pattern after a sinking wedge last month (four-chart). Nevertheless, it witnessed a symmetrical triangle over the past week. Bears breached 38.2% FIB after multiple tests, poking $3,503. However, the price bounced from 61.8% FIB support.

Ethereum witnessed a lucrative 9% recovery within the last 72 hours amid bullish divergence by price action and Relative Strength Index. However, the $4,000 mark halted the rally, and bulls tested the level for a second time.

Bulls have to back the run-up with surged volumes to overturn $4,000 as support. The RSI secured short-term resistance at 59-level, moving to the half-line. The DMI indicated a bearish outlook but couldn’t flash a massive directional trend for Ethereum.

Shiba Inu (SHIB)

Shiba Inu witnessed a breakdown from a V-top on December 2 and created a descending channel within the last 15 days. The altcoin saw a more than 40% 18-day value decline. The drop breached the 61.8% FIB level as bears cracked the critical resistance at $0.000035. Meanwhile, bears tried the bottom channel three times over the last six days. That came as the downward channels half-line became the closest obstacle.

While publishing this article, Shiba Inu traded at 63.4% beneath its $0.00003167 ATH. The RSI couldn’t maintain beyond a half-line over the past month. Moreover, the OBV lost long-term support.

Algorand (ALGO)

Algorand performed loosely after poking $2.94 on November 18. However, the price witnessed a considerable breakdown while falling beneath $1.84. However, bulls cracked the level mentioned above after creating an upward channel. Nevertheless, they succumbed to crash on December 3. With that, the alt fell further under a 3-month resistance at $1.59 after creating a bearish flag.

While writing this content, Algorand hovered at $1.3921, following a 2.6% gain within 24 hours. That way, it witnessed a break past the upper channel. The Relative Strength Index showed a neutral signal. Though price actions mark new lows, the OBV appeared to secure massive short-term support.

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