) has bounced off the strong support zone at $3,643.73 to $3,503.68. The bulls will now try to push the price to the 20-day EMA , which is an important level to watch out for.If the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then make another attempt to sink the price below the support zone.
A break and close below the 200-day SMA may indicate the start of a deeper correction to $2,800. This negative view will be negated if the price breaks and sustains above $4,200. The ETH/USDT pair could then rise to $4,488 and later to $4,868.) is attempting a bounce off the strong support at $500. The recovery is likely to face selling at the 20-day EMA . If the price turns down from this level, it will suggest that the sentiment remains negative and traders are selling on rallies.
Contrary to this assumption, if the price rises above the 20-day EMA, the bulls will try to push the pair above $575. If they succeed, the pair could rally to $617 and later to the overhead resistance zone at $669.30 to $691.80.) is attempting to bounce off $167.88. The relief rally is likely to face strong selling at the 20-day EMA . The RSI is in the negative zone and the 20-day EMA is sloping down gradually, indicating that bears are at an advantage.
This negative view will invalidate if bulls push the price above the 20-day EMA and the overhead resistance at $204.75. The pair could then rise to the resistance line of the falling wedge pattern. A break and close above this level could clear the path for a retest of the all-time high at $259.90.
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