Ethereum gets trapped

Ethereum to go Short:

What's in this article

Ethereum is rising since yesterday on a shorter time frame but the uptrend is exhausting due to as a bearish divergence is seen on the chart.

Ethereum price today is $3,826.45 USD with a 24-hour trading volume of $17,928,150,418 USD. Ethereum is up 0.78% in the last 24 hours, with a market cap of $454,386,257,213 USD. It has a circulating supply of 118,748,734 ETH coins.

Source: Tradingview

Ethereum: Analysis

The local resistance of Ethereum above $3800 should push the price down as RSI already marks above 62 at the current price level. Considering this rise a minor pull back the price will start to resume the downtrend breaking the local support level of EMA 100 and 200. The first target for Ethereum below is at fib 0.5 at $3782, the second at 0.236 at $3723. The final target for Ethereum that should act as a support level is at $3669, the bottom of December 13.

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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