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17.12.202115:17 Forex Analysis & Reviews: Ethereum gets rejected at resistance.

Ethereum broke below key horizontal support and trend line support this week. Price bounced and back tested the horizontal support which is now resistance. Price is getting rejected and turning lower again. Ethereum looks vulnerable to the downside.

Exchange Rates 17.12.2021 analysis

Green line - resistance (previous support)

Blue line- support (broken)

Yellow rectangles- attempts on horizontal support

Ethereum is making lower lows and lower highs. Short-term is bearish and there is a danger of a bigger correction/pull back lower as long as price is below $4,108-$3,985. Price got rejected at the back test of the horizontal resistance (previous support). Now price is breaking again below the blue upward sloping trend line. Failure to hold above recent lows at $3,635 will be an added bearish signal.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2022
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