11 January 2022 | ZebPay Trade-Desk
ETH has fared better than BTC so far this year, both in terms of price thresholds, and also the inflow that the asset has been witnessing. Currently, the bears have the upperhand, making it difficult for the asset to cross its crucial psychological resistance at $3,250. ETH is down 17% week on week, and ETH dominance has fallen to 19%, as its market capitalization stands at $371bn.
ETH, last month was trading in a ‘Symmetrical Triangle’ pattern. After giving a breakout on the downside the asset took support at $3,600 and showed signs of recovery. However, the bulls were not able to push the prices above the resistance and after retesting the trendline and the 20 Day Moving Average and the asset continued its bearish move. ETH has broken the key support of $3,350 and made the low of $2,930 and started consolidating. The asset has a strong support at $2,950 and the longer lower shadow indicates buying at these levels. If it breaks the support then the prices can further slide to the next support which is at $2,650 and to witness a rally it needs to trade and sustain above $3,650.
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