- ETH comes out of a long-term downtrend trend line.
- But the bulls are not able to capitalize on the breakout, the rally cools down.
Ethereum, the third largest cryptocurrency by market capitalization, was able to come out of a downward resistance of the trend line on the long-term chart and recover a little after the breakout, only to cool down while the rally is vanished and the bulls have gone on holiday year end
ETH / USD declines by about 0.3 percent per day to $ 139.34 and trades in a range of around 4 percent in the lower volatile trading driven over the weekend. On the daily chart, this second oldest crypt broke out from a key descending trendline last week and managed to maintain momentum for two days, only to cool off later this week, in a sign that the bulls were not willing to bring on their positions on the Christmas holidays at the end of the year.
On the 720-minute chart, the crypto is stuck in a parallel channel that will cover all rallies around $ 150-160 and then the Bollinger bands whose upper band is currently at $ 149. Until the bulls are below these levels, it will not be a cake walk for them to continue the momentum built in the last few weeks.
Daily ETH / USD chart:
ETH / USD 720-minute chart:
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