The upswing in the lower boundary of the Bollinger band indicator shows the bullish momentum is active. On December 22nd, the coin price reclaimed the lost support, bolstering buyers for a 12% recovery to hit $2500. However, with the newfound demand pressure at $2100, the buyers gave a counterattack to re-enter the channel pattern. On December 19th, the ETH price broke below the pattern’s lower trendline, signaling a potential correction in an uptrend. This pattern’s lower trendline has consistently provided crucial support, encouraging buyers and extending Ether’s upward trajectory.

Over the past ten weeks, the Ethereum(ETH) price has demonstrated a notable recovery, largely guided by a well-defined rising channel pattern. In contrast, the total trading volume in the crypto market has seen a significant increase, rising by 12.04% over the last 24 hours, reaching a total of $87.22 billionĪlso Read: Here’s Why Bitcoin Jumps 160% YTD Despite Multiple Setbacks Ethereum Price Analysis: Fake Breakdown Hints 12% Upswing Ahead Ethereum Price Analysis| TradingView Chart The total market capitalization of the global cryptocurrency market is currently valued at $1.66 trillion, experiencing a slight decrease of 0.39% over the past day.

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