$ETH

It turned down again from the overhead resistance of $4,094 on December 16, indicating that the bears are aggressively defending the level.

The ETH/USDT pair has pulled back to the 20-day EMA ($3,775), which is an important level to watch. If the price rebounds off the 20-day EMA with strength, it will improve the prospects of a rally above $4,094. If that happens, the pair could surge towards $4,500.

On the contrary, a break and close below the 20-day EMA will signal that the bulls are losing their grip. The pair could dip towards the downtrend line, which should attract strong buying by the bulls.