Markdown
ETH/USD: The Coin in a Correction Phase
The recent surge in ETH price reflects growing institutional interest. For analysis, see Chainalysis Report. > “This bull run differs from 2021,” stated CryptoAnalyst.
- The ETH/USD coin chart shows a bearish crossover of the 20-and-50-day EMA
- The intraday trading volume in the ETH/USD coin is $2.13 Billion, indicating a 6.12% loss. Source-Tradingview
The last time we covered an article on ETH/USD, the coin price was still hovering above $4000, trying to obtain sufficient support from it. However, on December 13th, the overpowered sellers caused a decisive breakdown from this crucial level, extending the correction phase for the long holders.
So far, this pullback has cost 20% from the All-Time High of $4875 and is currently retesting the new resistance 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