Market Analysis

Ethereum Price Analysis Dec.21: ETH Is Back Above $100. What’s Coming Up?

from Crypto Potato 5 years ago 0 0 764

When everybody thinks that a specific scenario is going to take, what is likely to happen? Correct, precisely the opposite.

While everybody in the crypto markets was waiting for Bitcoin to break down the $3000, it turned out to be the perfect point for a short squeeze and a counter move or maybe a “dead cat bounce”?

At the time of press, BTC price is up 27% since the last low of $3120 and is trading above the $4000 price. BTC might try to test the $4200-4350 resistance level or even higher, around $4400 – $4500.

If we utilize the Fibonacci retracement tool from the top of the move down at the $6000 area, to the lowest point around the $3000, we see that the last three days’ rally is targeting the 0.382 Fib retracement level (~$4500), which is the typical target for a “dead cat bounce” move.

Ethereum had gained as well: ETH price rose 40% over the last three days and is currently trading at the $112 price level. As expected, the major altcoins are raising a bit more than Bitcoin.

In our previous ETH analysis, we anticipated that if the bulls manage to take back control and ETH price breaches above the upper trend line and hold, then it will probably lead a retest of the $100 resistance level. Well, this is exactly how things had turned out.