27th July 2021 | ZebPay Trade-Desk
At current levels, bears have been preventing ETH prices from rising, despite ETH rallying a little early this week. However, the asset continues to look attractive at current prices, and with the ‘London’ fork just 2 weeks away, we anticipate more activity to set in and drive prices. Volumes have seen a slight push, but not as much as we anticipated after the early week rally, but this has been native to all assets, not just ETH, so this doesn’t concern us too much.
ETH took support at $1,711 (Previous Low) and started moving upwards by forming a ‘Higher High Higher Low’ pattern. The prices surged almost by 41% and made a weekly high of $2,431. The asset has faced stiff resistance around $2,400 multiple times in the past and this time too Eth has made a ‘Shooting Star’ pattern (bearish pattern) so we can expect some profit booking or correction from these levels (It being a green body candle the correction might not be as strong compared to a red body shooting star candle). ETH to further rally needs to trade and close above $2,400.
| Resistance 2 | $2,650 |
| Resistance 1 | $2,400 |
| ETH | |
| Support 1 | $2,045 |
| Support 2 | $1,711 |
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