Markdown
ETH/USD: Bullish Trend Continues Amidst Correction Phase
The recent correction in the [ETH/USD] coin price has been driven by a falling wedge pattern, which is expected to continue as long as the price remains below the 20-50 EMA lines. The intraday trading volume in the [ETH/USD] coin has dropped to $2.13 Billion, indicating a 6.12% loss.
Source: TradingView
The last time we covered an article on [ETH/USD], the coin price was hovering above the $4000, attempting to gain support from it. However, on December 13th, the overpowered sellers caused a decisive breakdown from this level, extending the correction phase for long holders.
This pullback has cost 20% from the All-Time High of $4875 and is currently retesting the new resistance level before beginning a red rally. The [ETH/USD] coin maintains a bullish trend as long as the price moves above the trend-defining 200 EMA.
However, this retracement has already engulfed the 20, 50, and 100 EMA lines. Moreover, the 20 and 50 provided a bearish crossover, encouraging even more sellers in the