07 December 2021 | ZebPay Trade-Desk
After witnessing a crash over the weekend and hitting lows of $3,436, the asset seems to have recovered pretty well over the past day or so, and currently trades at $4,320. ETH dominance is up, close to 22% as the asset has been overperforming, compared to BTC this year. The number of active addresses on the network continues to climb while the issuance of new ETH is diminishing, a classic demand and supply paradigm, which is the key reason for its rise.
ETH witnessed a sharp fall and made a low of 3,436. However, the prices didn’t sustain at lower levels. The asset has recovered well and is trading above the $4k mark. The lower longer shadow indicates that the bulls are buying the dips. ETH/ BTC ratio is also trading at the highs (0.08534) which indicates that ETH is looking strong and is outperforming BTC. ETH has strong support at $3,900 and $3,350 whereas $4,350 and $4,850 can act as strong resistance. RSI (Relative Strength Index) around 50 suggests a neutral stance for the asset. Hence, to further rally, it needs to break and close above the resistance levels.
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