Analysis of ETH, ENA, AAVE, TAO at noon on 2024/12/31
ETH is oscillating without volume, lacking trends and direction, following BTC's fluctuations.
ENA's head is gradually becoming apparent, waiting for the neckline to break, entering a major bearish phase!
AAVE is currently experiencing wide oscillations within a high-level range. It has retraced from the highs and still has room to drop in the short term. The previous low point A is crucial; if it holds, a rebound can occur, and the market may challenge the resistance of the range. If it breaks below point A, it forms an M-top, which is a typical head structure, and the market will likely continue to decline. BTC serves as the trend benchmark, so watch for BTC's dynamic assessment of the 90,000 mark.
As for TAO, it currently appears to be in a large range oscillation.
There is a very important price space for trend reversal within the range: 360-400 (red area). Currently, the short-term market is strongly bearish and may continue to decline, testing the support of the 360-400 range. This range is expected to provide a strong rebound, but it still needs to be centered around BTC's trend. If BTC rebounds above 90,000, then 360-400 will be TAO's retracement endpoint. However, if BTC strongly breaks below 90,000, TAO will likely also break through this level, heading towards around 200.