$ETH – Technical Analysis
ETH is facing strong selling pressure around the 3,000 USD level, but the bulls continue to maintain control by consistently refusing to give up momentum to the bears. This opens up the possibility for the price to continue recovering towards the 20-day EMA at 3,120 USD, and further to the important resistance area at 3,350 USD. If ETH is rejected in this area, the bears may attempt to pull the price below the support level of 2,623 USD. A breach of this level could cause ETH to retreat to the 2,400 USD area.
To reverse the downtrend, the bulls need to push the price above and maintain stability above the 50-day SMA at 3,596 USD. Additionally, Ethereum is about to enter a major upgrade called Fusaka in early December. History shows that ETH prices tend to rise before significant upgrades, which could bring positive signals for ETH specifically and the altcoin market in general.
