Baxia Markets
December 22, 2021

ETH bouncing within a 10% range

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The cryptocurrency continues moving sideways, unable to break the support nor the resistance at the 38.2% and 23.6% Fibonacci retracements respectively, the price is on a consolidation phase that has no predicted end date, this phase could end with a confirmed breakout.


The Bollinger bands are closing up, strengthening the consolidation phase, volatility should decrease as the bands continue to shrink. If the price breaks the resistance at $4,131 it will be entering the Ichimoku cloud which is often seen as an uncertainty period and that could extend the consolidation phase.


ETH Dec 7th 2021


The relative strength index is currently at 47% and has not really moved much in the last eight days. The current RSI level is very neutral, meaning that the price could move in either direction before being oversold or overbought which could make it dangerous as there is no clear trend.


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