Ethereum suffering

Ethereum: The parallel channel holding the price

What's in this article

As analyzed yesterday, the middle line of the parallel channel is holding the price and acting up as a local yet critical support level.

The Ethereum price today is $4,193.81 USD with a 24-hour trading volume of $18,632,255,118 USD. Ethereum is down 5.21% in the last 24 hours, with a live market cap of $497,678,616,493 USD. It has a circulating supply of 118,669,755 ETH coins.

Source: Tradingview

Ethereum: Analysis

On the hourly chart, Ethereum is bullish. Ethereum has been making lower lows after making a local high of $4800 on December 1, it has been making lower lows however this trend broke yesterday. The candles are retesting the trendline. Also, Ethereum is rising in an ascending parallel channel after December 04 and the middle line is acting up as local support here. If the weekend doesn’t repeat what Bulls fear, Ethereum might skyrocket from here to $4800 again.

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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