By Nathan Ferguson
Ethereum bulls battled to keep the support around $3,000 despite the latest selling spree. Bearishness across the market saw the alt’s gradual improvements on the 4hr chart Relative Strength index fading. On the other side, ATOM buyers stepped up to the $25 – $26 range to stall the ongoing sell-off. Meanwhile, Tron saw a death cross on the 4hr Exponential Moving Averages chart.
Ethereum (ETH)
The latest bearish phase saw Ethereum losing the critical level of $3,500 as bears overturned the zone to the nearest resistance. The slump period had the leading alt suffering massive downtrends as it plunged to multi-month lows late in January.
However, Ethereum surged approximately 47% over the past eleven weeks. Recently, the crypto witnessed an upward channel breakdown from the resistance of $3,500. However, the somewhat steady support at $3,100 had ETH consolidating within a rectangle on the 4hr chart.
Ethereum crashed further over the past few hours, changing hands at $3,049.37. The Relative Strength index remained bearish, and a close beneath the 37-foothold might translate to more downswings.
Cosmos (ATOM)
ATOM oscillated within the $25 – $34 range for over five weeks. The latest downside phase saw the alt losing more than 22% from April 3, exploring monthly lows today, April 11. Bulls stepping up around the range would trigger uptrends towards the 20EMA hurdle.
While publishing this content, ATOM flashed bearishness, losing 6.71% over the past day to $25.17. Moreover, the Supertrend favored bearish momentum as it remained in the red territory.
Tron (TRX)
Bulls launched a short-lived recovery that halted near 78.6% since TRX touched January lows. Moreover, the 61.8% Fibonacci zone challenged bullish actions from the $0.05 area. That had bears breaching the eleven-week trend-line support, flipping t to resistance. Moreover, the 20EMA and 50EMA plunged under the 200EMA, displaying a death cross on the 4hr chart.
TRX lost 6.59% over the past 24 hours to hover around$0.0592 at this publication. The alt road with fewer hurdles is the downside.
For now, the crypto market suffers massive bearishness. The global market cap hovers at $1.88 trillion, dropping 4.94% over the past day.