Ether (ETH) has been falling in a pattern for the past few days. In the short term, the price has been oscillating between $1,250 and $1,410, suggesting demand is at lower levels but selling is close to resistance. Price movements within the range are usually random and volatile. Therefore, it is difficult to predict the direction with certainty. The Ether-PoS merger shows tangible improvements in the blockchain including an increase in daily block creation and a significant decrease in average block time. The price of the asset is up by around 4.4% while the volume rose by 17.4% in the last 24 hours.
At the time of writing, ETH was trading at $1,345.
ETH after making an ‘Evening Star’ pattern at the resistance of $1,750 on 11th September witnessed a correction. The prices fell almost by 30% and made the low of $1,220. Post this move, it is consolidating and trading below its 20-day moving average in a range from $1,250 to $1,400 over the past two weeks. Technically on a daily time frame, the asset is trying to take support at the upsloping trendline and the horizontal trendline at $1,275. If the prices break and close above $1,500 then we can expect it to further rally up to $1,750 and $2,000 levels whereas a break below $1,250 will lead to further downfall.
Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in crypto assets viz. Bitcoin, Bitcoin Cash, Ethereum etc. are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.