Published: 21 January 2026,05:49
Chart The Market
ETH, H4:
Ethereum has sustained a significant technical breakdown, decisively breaching its uptrend support at the $3,172 level. The subsequent decline of over 7% confirms that bearish momentum has seized control, invalidating the prior bullish structure and establishing a new lower high.
The sell-off has driven the price into a known prior liquidity zone, which has provided initial stabilization. This interaction often results in a short-term technical rebound as the market absorbs clustered orders. However, momentum indicators suggest any recovery may be limited. The Relative Strength Index remains lodged in oversold territory, and the Moving Average Convergence Divergence indicator is exhibiting bearish divergence while positioned below its zero line. This configuration indicates that underlying selling pressure remains potent and is likely to cap any relief rally.
The breakdown has shifted the near-term structure to bearish. While a technical rebound from the liquidity zone is plausible, the weight of evidence from the trend break and momentum indicators favors further downside. Any rally is likely to encounter strong resistance near the $3,172 level. A sustained recovery above this threshold would be required to question the new bearish bias. Until then, the path of least resistance remains lower, with the $2,950 area representing the next logical downside objective.
Resistance Levels: 3074.30, 3368.75
Support Levels: 2823.90, 2600.00
AUDJPY, H4
The AUDJPY pair continues to trade firmly above its long-term uptrend support line, maintaining a constructive bullish structure. This foundation has facilitated a sustained advance, lifting the pair to its highest level since July 2024, which reinforces the prevailing positive bias.
The immediate technical focus is the recent high at 106.66. A decisive breakout above this level would provide further confirmation of bullish strength and likely trigger an extension of the current uptrend. Momentum indicators support this outlook. The Relative Strength Index is trending higher, reflecting building upward pressure, while the Moving Average Convergence Divergence indicator has rebounded above its zero line, confirming that bullish momentum is reaccelerating.
The broader structure remains bullish, anchored by the respected uptrend line. The pair’s approach to the 106.66 resistance presents a clear near-term test. A successful break above would solidify the bullish case for a move toward 107.50. Conversely, a rejection at this level could lead to a period of consolidation, but the bullish bias would only be invalidated by a break below the key uptrend support near 105.50.
Resistance Levels: 107.20, 108.45
Support Levels: 105.65, 104.35
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