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The performance chart surrounding Ethereum (ETH) shows that it was on the 4th of December when ETH’s price took a fall. The performance graph for ETH shows that its price fell below the $3,873 per ETH figure. The $3,873 per ETH figure is the 100-day SMA that was labeled for Ethereum on its performance graph.
Although it seemed that the bears empowered ETH for a short amount of time, the bulls soon prevailed and boosted the price of ETH. The bears were not able to keep ETH at a price they had hoped to keep it at.
The data from Glassnode shows that as the price of ETH took the fall, it activated a spree of mass purchasing by the traders. Right after Ethereum’s price went below $3,900 per ETH, the traders started buying ETH on a large scale.
It was obvious that the majority of the investors were bullish when it came to ETH. The clear demonstration of the traders’ bullish nature was investors buying ETH as its price dipped. The investors carried on with their purchases of ETH throughout the dip, bringing its price up.
After crossing the $4,000 per ETH figure, ETH’s price reached all the way up to a price of $4,250 per ETH. It was at this point where ETH ended up facing resistance. Once the price of ETH grew all the way up to $4,250 per ETH, the bears came into action and went on with their activity.
The bears went ahead and started selling ETH on a large scale with aim of bringing its price below the $3,900 figure. For now, the performance of ETH shows that it has strong support at a $3,900 per ETH figure. It was on December 6, 2021, when the bears made strong efforts to pull it below the $3,900 per ETH figure.
Even with so much pressure being observed from the bears’ end, the price of ETH continued sustaining the damage. From the market’s perspective, the bulls continued defending the price of ETH at the $4,250 per ETH figure.
According to the analysts, if ETH’s price was to make it through the $4,315 (20-day EMA) figure, it would be able to go for another rally. As of now, the price of ETH has successfully crossed the 20-day EMA, as it is currently standing at $4376.02 per ETH price.
The uptrend chart for ETH suggests that ETH may be getting ready to hit another high figure, going all way the way up to $4,868 per ETH.
In contrast to the rally, if ETH’s happens to fall below the 20-day EMA price, bears may go on a selling spree. From that point onwards, the price of ETH may fall below the $3,400 per ETH (100-day SMA) figure.
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