Technical Analysis of ETH

Ether (ETH) closed below the 50-day SMA ($3,432) on December 21, signaling that the advantage is leaning towards the bears. The bulls are trying to initiate a recovery, but they are likely to face selling pressure at the 20-day EMA ($3,594). If the price drops sharply from the 20-day EMA, the bears will attempt to push the ETH/USDT pair down to $3,000. Buyers are expected to strongly defend the range from $3,000 to $2,850.

Conversely, if the price breaks out and closes above the 20-day EMA, this will indicate that the bears are losing control. Subsequently, the pair could rise to the resistance level of $4,094.