19 October 2021 | ZebPay Trade-Desk
Ethereum(ETH) has been pretty range bound, fluctuating in the range of $3,650-$3,950, as the tussle between the bears and bulls continues. Having said that, on a week-on-week basis, ETH is up by approximately 9%, and ETH dominance too has improved, currently close to 20%, as the second-largest asset currently has a market capitalization of $450 billion. The top altcoin seems to be teasing the market with hopes of a move above $4,000. However, the same has not been breached yet.
ETH post giving a breakout above the ‘Descending Triangle’ rallied up to $3,973. The bulls failed to manage the grip on the asset as it faced stiff resistance around the $ 4k mark and corrected almost by 8%. Technically, ETH is still trading in an uptrend and has taken support at the crucial level of $3,675. If the price holds the support then the bulls may resume the up move, if the price breaks the support then we may expect further downfall and the prices may slide to the next support level of $3,350. Hence, to conclude ETH to further rally needs to break and close above the previous high of $4,027.
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