ETH Technical Analysis: Bulls Struggles To Sustain The Buying Pressure

The ETH coin price grows to reach the $2800 resistance zone and struggles to overcome the selling of the falling channel. Ethereum is a decentralized, open-source blockchain with its own cryptocurrency, Ether. ETH functions as a platform to support a variety of other cryptocurrencies and also for the execution of smart contracts that are decentralized. Ethereum is the first to pioneer the idea of a blockchain-based smart contract platform. Smart contracts are computer programs that automate and carry out the actions required to satisfy an agreement between a number of participants on the internet. They are created to eliminate the need for trusted intermediaries between contractors, thereby reducing transaction costs and also increasing the security of transactions. Let us move ahead to read about ETH technical analysis. Past Performance of ETH The ETH coin price rises more than $300 accounting for a growth of 15% within the past week. The coin price jumps from $2400 to above $2700 level with the formation of multiple bullish engulfing candlesticks. However, the price action struggles to rise above the resistance trendline of the falling channel. ETH/USD Daily Chart ETH Technical Analysis The ETH coin price action shows a falling channel and long-coming resistance trendline above the crucial EMAs. Therefore, the breakout of the falling channel can lead the prices to the resistance trendline. The crucial Exponential Moving aver...