19 April 2022 | ZebPay Trade-Desk
The second-largest crypto by market cap witnessed a short-covering and is up by 5% from yesterday’s low. Ethereum’s dominance is at 19.42% and the market capitalization stands at $366bn. The merger of Eth2.0 has been pushed back further, as informed by core developer Tim Beiko. However, there hasn’t been much immediate effect or an after effect of the announcement on the price of the asset. The current condition suggests that bulls are trying to trap aggressive bears.
At the time of writing, ETH was trading at $3,044.
ETH after facing stiff resistance at $3,600 witnessed a sharp correction. The asset fell almost by 19.5% and made a low of $2,883. The asset took support at the key levels of $2,870 (50% Fibonacci Retracement Level) and bounced back above the $3k mark. The lower longer shadow around the support indicates that the bulls are buying at lower levels. However, ETH is still trading sideways from $2,950 to $3,100 with low volumes. Once the breakout occurs above $3,155 (200 Day Moving Average) with good volumes then we can expect a good rally and the prices can surge up to $3,600 levels.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $2,650 | $2,870 | ETH | $3,155 | $3,415 |
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