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ETH analysis – will the price fall to a new bottom or will break through resistance?

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ETH still continues in bull flag which should end once breaking through resistance, but we are still far from that. In the long and short term, the price reaches ever lower local lows and the reversal of the trend is not noticeable on the chart. However, this does not change the fact that in the short term the price has found support.

The price is similar to the case BTC close to the long-term previous bottom. It represents for ETH previous bottom zone from $ 2,700 to $ 3,000. This is where the price could find support. In the short term, however, the price has already stagnated at around $ 3,050. It appears to continue to grow slightly.

Ethereum is still in the bull flagSource: TradingView

ETH slightly growing

Despite modest growth, the price still continues in the long-term structure of the correction. The closest resistance is approximately on the surface $ 3,400 and the key on the surface up to $ 3,800. It would be ideal to create long-term rising lows and consequently the price would exceed the maximum among them. That’s how we would identify trend reversal.

If the price did not keep the last minimum, we would fall on the mentioned support. In the long run, there has been no change in the correction and the trend continues. Growth should also be supported volumeswhich is also currently missing. So in the short term we can be bullish and in the long run without change.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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