It seems like Ethereum is doing better than Bitcoin. Unlike Bitcoin, which is traded in a descending channel, Ethereum was able to avoid the formation of a descending channel. After the start of the bearish correction, the price of Ethereum moves in a sideways trend. At the time of publication, the ETH/USD pair is trading around 4000.
On the daily chart the pair maintains an uptrend and will maintain an positive outlook until it drops below $4000. Below that level, we saw a significant increase in demand when the price formed a candlestick with a long shadow and a short body on December 4.
Unlike Bitcoin, the ETH/USD pair is trading above the 100th moving average, which provides support for the pair around 3920. To maintain a positive outlook, the ETH/USD pair needs to rise above the resistance level of 4050. In this case, we will see further attempts to overcome the resistance level of 4100. A close above this level will allow the pair to continue to rise towards the upper border of the channel.
If the ETH/USD pair falls below the key support level of 4000, it may start forming a downtrend. In this case, a decline to the area of 3850 is likely. A movement below this level will send the ETH/USD pair to the area of 3600.
