28 December 2021 | ZebPay Trade-Desk
Ethereum (ETH) has been trading in the range of $3.8k-$4,2k. The tussle between the bears and the bulls is what is keeping this battle alive, and for anything drastic to happen, the market would have to move in a particular direction for a sustainable amount of time. ETH closes in on a 21% markets share, bulls are attempting to push and sustain ETH above the 20-day EMA of $4,200 to promote another rally.
ETH after making the low of $3,446 early this month started forming a ‘Symmetrical Triangle’ pattern (which represents a period of consolidation before the price is forced to breakout or breakdown). Post taking multiple support at $3,650 the prices showed good signs of recovery, however, the bulls struggled to push the prices above the resistance of $4,150. Once the breakout occurs above $4,150 with good volumes then we can expect the asset to rally up to $4,500. $3,900 and $3,650 will act as strong support for ETH.
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