Despite attempts by bears to drive prices down, Ethereum (ETH) managed to hold its head above water on Wednesday, topping $1,200 for the most of the session.
Coingecko records indicate that as the time of writing, ETH is trading at $1,129.50, a decrease of 0.5% over the past week and still slightly down from the previous day’s high of $1,228.88.
Even though the ETH/USD pair fell to an intraday low of $1,170.23 during Tuesday’s session, bulls were able to keep prices above this area.
The market has been dominated by bulls for the past few days. A 40 percent increase in 10 days can undoubtedly be read constructively, but it is essential to consider all possible outcomes.
According to the chart, ETH is currently trapped below the resistance zone on the daily time frame.
Ethereum Rally Seen If $1,500 Barrier Is Breached
This area, which extends from $1,300 to $1,500 (in red), was anticipated to provide substantial support during the severe decline early this month, but clearly failed to do so. Now, ..
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