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Ethereum Technical Analysis Report | 10th-May-2022

 ETH trading at its 4-month low now

The second-largest crypto-asset by market cap is trading near its 4-month low and is in red for the six straight weeks. ETH is up by 5% from the recent low of $2,201 with a 24-hour trading volume of $40,878,366,928 USD. Ethereum’s dominance is at 19.89% and the market capitalization is $280bn. 

At the time of writing, ETH was trading at $2,321.

ETH after making a ‘Bearish Engulfing’ at the recent top of $3,551witnessed a sharp fall and the prices have plunged almost by 36% over the past six weeks. On a weekly time frame, the asset is facing stiff resistance at its 20 Day Moving Average and is forming a ‘Lower Top Lower Bottom’ pattern. ETH has strong support at $2,160. If it holds the support then we can expect some relief rally whereas a break below this will lead to a further downfall and the asset can then test its $2,000 to $1,950 Levels.

Support 2Support 1AssetResistance 1Resistance 2

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 cryptocurrencies 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.


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