21 December 2021 | ZebPay Trade-Desk
Ethereum (ETH) did undergo a hard-fork (Arrow Glacier upgrade) which didn’t really impact prices. While bears are in control currently, the market for ETH seems to be in a consolidation phase. ETH dominance stands at 21.3%, as it struggles to beat the crucial $4k level. Over the past week or so, volumes too have taken a hit, limiting inflows and signaling the bearish outlook.
ETH has been trading in a downtrend over the past month and made a low of $3,436. Post making this low, the asset showed signs of recovery but the prices were not able to breach the stiff resistance levels. Currently, on a daily time frame, ETH is forming a ‘Symmetrical Triangle’ pattern ( which represents a period of consolidation before the price is forced to breakout or breakdown). Breakouts on either side with good volumes will further decide the trend for the asset.
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