Ethereum Tuesday

30th November  2021 | ZebPay Trade-Desk

Ethereum (ETH) has seen a correction in the past week, after witnessing a short rally and crossing the $4,550 mark, after which it fell by approximately 12% and hit lows of $3,915. This fall has fueled inflows into the asset, as many investors have been on the sidelines over the past couple of weeks. BTC dominance currently stands at 20.31%

ETH has witnessed a sharp correction and the prices fell almost by 19.5% from their peak of $4,867 making the weekly low of $3,915. Technically, on a weekly time frame, ETH has made a ‘ Cup and Handle’ pattern (Bullish Pattern) with a neckline at $3900. The asset has retested the support and has started moving upwards. Hence, we continue to remain bullish until the asset is trading above $3,900.  However, to witness a rally, ETH needs to break and close above the resistance of $4,551.

Support 2 Support 1 Asset Resistance 1 Resistance 2
$3,650 $3,900 ETH $4,550 $4,850

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