14 December 2021 | ZebPay Trade-Desk
Ethereum (ETH) did undergo a hard-fork (Arrow Glacier upgrade) last week, which briefly had a positive impact on price, but that quickly eroded. ETH’s recovery has been more robust; after .08 had been resistant on the ETH/BTC all year, and touched a multi-year high of 0.089 last week. After its surge to 0.089 last week, ETH/BTC has drawn back down to .0825.
ETH, last weekend witnessed a sharp fall and the prices plunged almost by 30% from its peak making the low of $3,436. Post this move, the asset showed signs of recovery but this week it broke the important support of $3,900 and is trading below the support level. The asset has a strong support zone from $3,650 to $3,300. If the prices bounce from these levels then we can expect the bulls to resume the up move. If the prices fail to hold these levels then ETH can witness further downfall. The falling moving averages and the relative strength index (RSI) in the below 50 indicate that bears have the upper hand.
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