On Dec 13, ETH/USD broke out of a descending channel, signalling that the correction could be over. Analysts predict that if the bulls buy the current dip to the 20-day EMA at 564 and do not allow the price to sustain inside the channel, this could indicate strength.
As ascending triangle pattern was spotted on the four-hour chart yesterday. Further bullish action is predicted because the longer the price stays under the $600 resistance level, this gives time for sellers to regroup and force a reversal.
At time of writing, the Relative Strength Index is on an upward trend from today’s low of 14.
As the battle between the Republicans and Democrats rages on over the Coronavirus relief package, the USD could face pressure. The Federal Open Market Committee (FOMC) meeting starting on Dec 15 would also be closely watched. Any weakening of the USD would serve ETH/USD well.
Another interesting point to note: ETH/USD seemed to have benefitted off the ‘Santa Rally’ based on the past two years performance. The ‘Santa Rally’ refers to the rise in asset during the last five days of the year and into the next two days of the new year.
In 2019, the price of ETH/USD recorded a 11% gain from Dec 25 – Dec 29. However, it lost all the gains by Jan 2. Similarly, in 2018, a 21% increase was recorded until Jan 2.
What will Santa bring for ETH/USD this year?
ETH/USD (as of Dec 15, 2020, 11.50 a.m., GMT +8) - $ 593.22
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