Ethereum gets trapped

Ethereum gets trapped again in a ranging zone yet again

In the second week of December, Ethereum was trapped in a ranging zone between $4070, fib 0.786, and $3923, fib 0.5.

Ethereum price today is $4,051.65 USD with a 24-hour trading volume of $27,096,315,547 USD. Ethereum is up 8.61% in the last 24 hours, with a market cap of $481,192,375,908 USD. It has a circulating supply of 118,764,550 ETH coins.

Ethereum gets trapped
Source: Tradingview

Ethereum gets trapped: Analysis

 After yesterday’s uprise in price Ethereum has risen to a level where it was in the second week of December and looks like Ethereum will again be trapped in the zone highlighted. It’s in Bull’s favor if Ethereum ranges here and collects some liquidity before a final ascend upwards. The upper line of the highlighted area at $4070 is the local resistance and the lower at $3923 is the local support here.

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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