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.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum etc.are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.