Key Support levels: $3,600, $3,300
Key Resistance levels: $3,740, 4,000
ETH has just made a lower low on the chart if we exclude the flash crash from 4th December. The price hit the $3,600 support level and is now hovering just under the $3,740 resistance.
The current price action has also formed a large descending wedge (in blue). This is a bullish formation, but it can be quickly invalidated if ETH falls under the key support level.
Chart by TradingView
Trading Volume: The strong volume during the sell-off is one of the reasons why the price made a lower low. The buying pressure today appears weak and unlikely to break above the current wedge (in blue).
RSI: The 4-hour RSI entered into oversold territory (
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