Most alternative tokens find it challenging to maintain uninterrupted rallies as Ethereum battles to overcome the resistance level at $3,766. For now, the cryptos’ overall sentiment remains ‘fear.’ While accumulating significant volumes remained a hassle, SAND displayed increasing bearish actions.
A massive downtime in the crypto spectrum has Ethereum sustaining a 12.35% drop following an upward channel breakdown on December 27. The decline overpowered several testing areas, and the leading altcoin secured support near the $3,635 mark. Keep in mind that ETH has maintained its price movements beyond this level for about two months now.
Meanwhile, a downward channel breakdown had Ethereum recovering to test the $3,766-level five times over the last 72 hours. The leading alt by value made higher lows while keeping this level during the three days. Such actions reflected increased buying momentum. That way, Ether surged past the 20 Simple Moving Average.
Nevertheless, the Volume Oscillator remained on a downtrend narrative, suggesting a feeble bullish move.
While writing this article, Ethereum exchanged $3,740. The RSU witnessed higher highs but could not cross the middle line, following 18.78 lows. As the –DI and +DI move in opposite directions, Ethereum might witness a short-term retracement.
Sandbox bulls crossed past the 38.2% FIB resistance as the metaverse token reclaimed the critical support at $6.03 following a climbing wedge. That way, SAND poked a 3-week peak on December 26. While 61.8% FIB ensured massive resistance, SAND saw an expected breakdown from the reversal setup. Since then, the alt witnessed a 20.39% correction, hitting a weekly low during December 30 sessions.
The past week had the alt on lower highs while keeping the testing point at $5.7. Such a scenario meant surged selling strength. Any more plummets by Sandbox will discover support around the $5.4-level. While publishing this news, SAND traded near $5.882.
The Relative Strength Index stood at the 46-level and flashed a bearish outlook. Nevertheless, the on-balance volume saw an uptick, suggesting increased buying strength within the last seven days. The ADX showed a feeble directional bias for Sandbox (SAND).
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