Ethereum forms a bullish reversal pattern with key resistance and support levels.
Sustained exchange outflows suggest a potential supply squeeze and rising demand.
Ethereum (ETH) is currently trading at $3,433, experiencing a 2% decline in the past 24 hours with trading volume down 18%. Over the last week, the asset has dropped by 7%, and on December 20, it fell below the support zone of $3,101, a level not seen for over a month. The daily Relative Strength Index (RSI) stands at 44, indicating that Ethereum is approaching oversold conditions. This suggests the possibility of a short-term rebound if buying interest returns.
Ethereum’s price chart forms a Descending Right Angle Broadening formation, often interpreted as a bullish reversal pattern. This structure consists of two diverging lines—one acting as horizontal resistance and the other as a bearish downward-sloping support. The pattern resembles an inverted ascending triangle, a setup that often leads to upward
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