Ethereum, Chainlink, MANA Price Analysis: 03 February
As the broader sentiment deteriorated in the last 24 hours, Chainlink fell toward the $15.6-mark. Moreover, the king coin’s movement would be critical to ETH’s trajectory. Should the bulls dwindle, a test of $2,340 would not be of a surprise. On the other hand, MANA saw a bullish divergence with its 4-hour RSI.
Source: TradingView, ETH/USD
Since losing the Point of Control (red) at the $4,000-mark, ETH bears took over only to initiate substantial sell-offs. As a result, ETH registered a 46.81% loss (from 27 December high) and touched its six-month low on 24 January.
Over the past few days, the king alt witnessed a bearish rising wedge on its 4-hour chart. Now, the immediate resistance stood at $2,735-mark before a likely pullback. Besides, any retracements from here itself would find testing grounds at the $2,400-level.
At press time, ETH traded at $2,656.1. The RSI saw a solid recovery from its record low on 22 January. It revived by over 50 points in the last 12 days while testing the overbought region. In the past few hours, it fell below the half-line. Defending the 47-mark would be vital to preventing a retest of immediate support.
Source: TradingView, LINK/USDT
The buyers lost their influence after LINK broke down from the $25.75-level. Thus, LINK plunged by 48.56% to hit its six-month low on 24 January. The bulls finally showed up at the $13.96-mark as the alt recorded a decent recovery since then.
As a result, LINK saw an ascending triangle (white) breakout that failed to cross the $17.76 resistance. Post that, the bears kept testing the $16.6-level until the alt saw a bearish engulfing candlestick on 2 February. Thus, the LINK noted an 8.8% 24-hour loss that found support at the $15.6-mark. Now, any reversals from
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