Ascending triangle

Ethereum exits from the raging zone

Ethereum briefly entered the ranging zone where it has been trapped for almost a week. It was expected that Ethereum will range here but it did not. Where is Ethereum headed now? That’s the question.

Ethereum price today is $3,827.58 USD with a 24-hour trading volume of $20,872,208,442 USD. Ethereum is down 6.55% in the last 24 hours, with a market cap of $454,627,382,887 USD. It has a circulating supply of 118,776,854 ETH coins.

Ethereum exits
Source: Tradingview

Ethereum exits: Analysis

Now that Ethereum has broken below and we have a confirmation candle as well, it’s easy to predict where it’s headed. As shown in the chart above, Ethereum can rest at first support of $3755, fib 0.786. The next target we have is at the bottom of December at $3645. A short reversal might happen before a final descend but the resistance of $4000, fib 0.236 is hard to break above.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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