Two major altcoin charts flashed bearish warnings on Tuesday as NEAR Protocol and Ethereum each tested key technical levels amid broader market jitters following the October U.S. CPI report.
NEAR Protocol’s recovery hides weakening demand. NEAR was attempting to stabilize above $3.50, trading around $3.57 after defending the $3.40 support in the prior session. Despite the rebound, institutional demand remained subdued. According to SoSoValue, NEAR-focused ETFs recorded about $3.43 million in net outflows for the week ending October 30, followed by another $4.38 million in withdrawals for the week ending November 6, bringing the two-week total to roughly $7.81 million. Derivatives data from CoinGlass showed futures open interest at $820.64 million, only slightly higher by 1% over 24 hours but well below the $1.2 billion seen on October 22. The Coinbase premium for NEAR stood at -0.097%, indicating the token traded at a discount and suggesting weaker buying interest among U.S. investors.
From a technical perspective, NEAR remained below its four-hour 50-period EMA at $3.8332 and the 200-period EMA at $4.2614. The token was moving within a falling wedge pattern, with resistance near $3.7981 and support around $3.4000, reinforced by a horizontal level at $3.4030. A decisive break below that support zone could intensify selling pressure and expose the next downside target near $2.9780. A failure there would increase the risk of a deeper correction toward $2.7280. The RSI hovered near 38, below the neutral 50 level, while the MACD continued to reflect modest downside momentum. A confirmed breakout above the wedge’s upper boundary and the 50 EMA would be needed to improve the near-term technical structure.
Ethereum erased its August breakout and tested $2,000. ETH was down 4.61% at $2,037, with a session low at $2,006, according to Binance daily chart data at 16:16 UTC. The cryptocurrency had already lost the 200-day SMA at $2,154 on consecutive closes, and on Tuesday it broke the blue trendline near $2,090 that had held Sunday’s wick to $2,060. The selloff followed the October CPI release, which also preceded Bitcoin dipping below $74,000. The 14-day RSI fell to 28.84, below the 30 oversold threshold for the first time since June.
Ethereum’s decline filled the late-August gap, with the price stopping about $5 above the 0.618 Fibonacci retracement near $2,001. The retracement range runs from the June low near $1,505 to the late-September high near $2,803. Key levels now include the 200-day SMA and 0.5 retracement near $2,154 as the nearest ceiling, followed by the 0.382 retracement near $2,307. The 50-day SMA at $2,458 has rolled over, while the 100-day SMA at $2,375 is still rising. A daily close below $2,001 could open the next downside shelf at the 0.786 retracement near $1,783, roughly 12.5% below Tuesday’s price. To negate the breakdown, ETH would need consecutive daily closes back above the 200-day SMA, which would bring the 0.382 retracement near $2,307 back into play. Volume at 16:16 UTC stood at 241.73K ETH, in line with recent sessions rather than the spikes seen during the August breakout.
The two charts highlight a broader theme: macro-driven selling, but coin-specific weakness. Ethereum’s depth relative to Bitcoin was attributed to its weaker technical structure, while NEAR’s recovery remained fragile due to institutional and derivatives market caution.
