04 January 2022 | ZebPay Trade-Desk
ETH is down 6% over the past week. This trend set in, after the markets saw a slight spike early last week, post which major profit booking was seen, and the flash selling caused markets to close in. Ether (ETH) failed to sustain above the 50-day EMA ($3,925). This might have attracted selling from short-term traders.
ETH, last month, was trading in a ‘Symmetrical Triangle’ pattern. The asset gave a breakout on the downside of the pattern and the prices dropped to the crucial level at $3600 but with low volumes. ETH is taking support at the horizontal trendline around $3,600 and has yet again started consolidating. If the price breaks this support then it can further slide to $3,300 levels and to witness a rally ETH needs to trade and sustain above $4,150.
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