Synthetix,Ethereum, Dogecoin Market Analysis for 2nd January 2021

Ethereum hit a high of $759, an ETH value previously owned in April 2018. Etheruem bulls will continue to hang on to the $725 and $700 support ranges in the coming days in the event of a dip. Dogecoin has already seen fantastic gains over the last few days and may be poised to retrace some of them. Synthetix returned from a decline to $7.4 and closed at $8.33.

Synthetix [SNX]

SNX saw a local high of $8.7 a few weeks and corrected 17 percent to test support at $7.4, before rebound to trade at $8.33 at the time of publishing.

The price has risen above 50 SMA (yellow), which can be expected to serve as a boost in the coming days. The Amazing Oscillator shifted to bullish territory to reflect the recent SNX gains.

Rejection in the $8.7 area will see SNX dip down to $7.4 support again, whilst a boost in the past could see SNX targeting a psychological $10 mark.

Ethereum [ETH]

Using the Fibonacci Retracement method, several levels of support for ETH have been illustrated if it does not break past the $750 mark again.

In the short term, the MACD developed a bearish crossover, but the $724 mark could serve as a support. Over the past few days, the $725-$735 has acted as an area of demand for ETH.

If this area is transformed into a region of production, ETH is expected to move back to $700.

The long-term forecast for ETH is extremely bullish. The OBV has shown that the sales amount for ETH has been high during December. Pullbacks, such as the one from $661 to $572 in mid-December, did not see a big sale.

Dogecoin [DOGE]

The Fibonacci extension stage of 62 per cent was achieved and the RSI, as well as the Stochastic RSI, was over-purchased for DOGE in this period. A pullback after such large gains can be expected, with the price dip likely to serve as a buffer for the 27 per cent rise.

The $0.0047 mark was an important level for bulls to demand for themselves, as it served as a solid barrier when DOGE hit that level in July.