Ethereum (ETH) Bounces at Crucial Support Level: Multi Coin Analysis

Share Article
In Brief
The Trust Project is an international consortium of news organizations building standards of transparency.

BeInCrypto takes a look at the price movement for seven different cryptocurrencies, including BakeryToken (BAKE), which is very close to reaching a new all-time low price.

Bitcoin (BTC)

BTC has been decreasing alongside a descending parallel channel since Dec 27, 2021. The downward movement continued until a low of $39,650 was reached on Jan 10. BTC bounced afterwards and has been decreasing since. 

Currently, it has reclaimed the middle of the channel and could potentially increase towards its resistance line. 

A potential breakout would take BTC to the next resistance at $45,900.

BTC Channel
Chart By TradingView

Ethereum (ETH)

ETH has been falling since reaching an all-time high price of $4,868 on Nov 10. The downward movement initially stopped once the token reached the previous descending resistance line. ETH bounced three times (green icons), validating the line as support. 

However, the token broke down on Jan 5 and has been falling since. It is currently trading just above the $2,920 support area. This is a very strong support area since it is both a horizontal and a Fib support.

ETH Resistance
Chart By TradingView


XRP has been falling since Sept 6, when it reached a high of $1.41. The downward movement continued until a low of $0.6 was reached on Dec 4. 

XRP bounced afterwards, validating the $0.70 area as support. After a brief increase, it fell back to this level once more on Jan 10.

Whether it breaks down from this level or bounces will likely determine the direction of the future trend. 

XRP Support
Chart By TradingView

AlienWorlds (TLM)

TLM has been falling since Nov 25, when it reached a high of $0.57. On Dec 4, it bounced (green icon) at an ascending support line that had been in place since July 2021. However, it broke down from it on Jan 2 (red icon).

While there is minor support at $0.13, TLM could potentially decrease all the way to its July lows at $0.50.

TLM Breakdown
Chart By TradingView

Enjin Coin (ENJ)

ENJ has been falling since Nov 25, when it reached an all-time high price of $4.84. So far, it has decreased by 55%.

On Dec 20, it bounced at the $2.33 horizontal support area. However, the upward movement was brief and the token broke down on Jan 20. 

It is now approaching a long-term ascending support line which has been in place since May. The line is found at $1.7 and would be expected to initiate a bounce.

ENJ Decrease
Chart By TradingView

BakeryToken (BAKE)

BAKE has been falling since reaching a high of $8.49 on April 2. The downward movement has so far led to a low of $0.83. 

On Jan 5, BAKE broke down below the $1.20 support area and validated it as resistance (red icon).

Therefore, it seems likely that BAKE will fall towards its $0.55 all-time lows.

BAKE movement
Chart By TradingView

Curve DAO Token (CRV)

On Oct 24, CRV broke out from the $3.70 horizontal area. Afterwards, it returned to validate it as support. 

While it initially deviated below it on Dec 11 (red circle), it reclaimed the area shortly afterwards and proceeded to reach a high of $6.8 on Jan 4.

As long as the token is trading above the $3.70 area, the bullish structure remains intact.

CRV Bounce
Chart By TradingView

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Share Article

Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

Follow Author

Buy your first NFT on Bybit and earn up to 20,000 USDT.     

Start now

Buy your first NFT on Bybit and earn up to 20,000 USDT.      


Buy your first NFT on Bybit and earn up to 20,000 USDT.