Published: 9 January 2026,06:06
Chart The Market
ETH, H4:
Ethereum is undergoing a technical correction after being rejected at a three-week peak of $3,308.8. The pullback has brought the price to a critical technical confluence at the 61.8% Fibonacci retracement level of its recent advance, situated near $3,098. This zone represents a pivotal juncture: a firm rebound from this support would suggest the broader bullish trajectory from the recent lows remains intact, while a breakdown would indicate a deeper correction is underway.
However, near-term momentum indicators are flashing cautionary signals. The Relative Strength Index has broken below its midline, reflecting a shift from positive to negative short-term momentum. Concurrently, the Moving Average Convergence Divergence indicator has declined below its zero line, confirming that bearish momentum is currently dominant. This creates a tension between the supportive price structure at a key level and the deteriorating momentum picture.
Ethereum’s near-term direction is contingent on its behavior at the $3,098 Fibonacci support. A decisive bounce from this level would challenge the current bearish momentum readings and could reinvigorate the bullish narrative. Conversely, a sustained break below $3,098 would validate the bearish momentum signaled by the RSI and MACD, opening a path toward the $3,000 support zone. Traders should monitor for a convergence of price and momentum; a reclaim of the $3,200 level would be needed to neutralize the immediate bearish pressure signaled by the indicators.
Resistance Levels: 93,580.00, 101,365.00
Support Levels: 89,860.00, 85,635.00
NZDJPY, H4
The NZDJPY pair has exhibited a clear trend reversal, having broken decisively below its prior uptrend support line. This breakdown has established a new, bearish technical structure, with the pair now trading within a defined downtrend channel. Recent price action, however, suggests this bearish momentum may be stalling, as the pair attempts to challenge the upper boundary of this channel in a move that could signal an exit from its recent downward trajectory.
The immediate technical focus is the resistance line near the 90.72 level, which represents the upper boundary of the current channel. A sustained breakout above this barrier would be necessary to invalidate the short-term bearish structure and suggest a potential shift in momentum. Both the Relative Strength Index and Moving Average Convergence Divergence indicator are oscillating near their midlines, providing a neutral signal that reflects the current market indecision and lack of dominant directional momentum.
The pair is at a technical inflection point. The established downtrend channel favors a bearish bias, but the attempted breakout and neutral momentum oscillators introduce uncertainty. A confirmed daily close above 90.72 is required to signal a credible breakout from the bearish channel and open a path toward higher resistance. Failure at this level, followed by a rejection lower, would reaffirm the channel’s integrity and likely lead to a retest of the channel’s lower support. Traders should await a decisive resolution at this key resistance for directional clarity.
Resistance Levels: 90.70, 91.60
Support Levels: 89.70, 88.75
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