ETH drops to $ 3.6,000 on renewed selling pressure, but a bullish divergence occurs

                                                            <strong>Wichtige Unterstützungsstufen: 3.600 $, 3.300 $</strong>

Key Resistance Levels: $ 3,740, 4,000

ETH has just hit a lower lows on the chart if we factor out the December 4th flash crash. The price hit the support level of $ 3,600 and is now hovering just below that resistance from 3,740 USD.

The current price movement has also formed a large descending wedge (in blue). This is a bullish pattern, but it can quickly expire if ETH falls below the important support level.
Chart according to TradingView

Technical indicators

Trading Volume: The strong volume during the sell-off is one of the reasons the price hit a lower low. Buying pressure seems weak today and is unlikely to exceed the current wedge (in blue).

RSI: The 4-hour RSI has entered the oversold area (

MACD: The daily MACD showed a bearish cross yesterday which is not good for the bulls. The only positive aspect is that the histogram has been since November when the correction has set in, higher lows (bullish divergence). This could suggest that this downtrend could end sometime in January.
Chart according to TradingView

Bias

The tendency towards ETH is bearish. The bias will remain bearish as long as ETH does not make a higher high.

Short-term price forecast for ETH

The current price move looks pretty interesting because if the bullish wedge confirms, ETH should sometimes rebound in January, making this correction (from November to January) pretty similar to that of May-July 2021. This scenario can be invalidated as soon as the price closes a daily candle below the wedge.

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