We last reported on the ethereum price action back in august 19th. In post we saw price find support at level 2979.1229 before it soared bullish to highs that haven’t been reached since February. Last week price traded to level 3992.2818 where it found resistance before plummeting bearish in a single day. In todays post price trades towards level 2979.1229 . Will price find support at this level?
Looking at the chart you may notice how the ethereum price behaves at level 2979.1229 . It has struggled to break past this level since our previous post on the pair. Could this be a reliable support level? Just 2 days ago during the bearish fall price found support at the level before pushing back up and closing above level 3327.3481 . Our analysts have seen price fail to break past level 2979.1229 on many different occasions.
We believe that if price fails to break past this level. It could signal good bullish price action . This could provide an opportunity to buy the pair at a cheaper price range. Possibilities are we could see this pair test level 3992.2818 again and possibly break past it.
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