Ethereum, the second-largest coin in the crypto world has had a good start this week. Major coins such as BTC, ETH, and selected altcoins tried to start a relief rally but most of the breakouts were sadly not able to come to a climax below the 20-day moving average. In recent news the Sepolia testnet Beacon chain went live, providing consensus using PoS replacing the PoW which would be telling us what might happen when Ethereum actually merges. Currently, the bulls are buying in the dip indicating positive emotions.
At the time of writing, ETH was trading at $1,121.
ETH has closed in red for the past eleven weeks forming ‘Lower Top Lower Bottom pattern. After breaking the long-held support of $1,700 (The previous low of double bottom pattern) and its 200-week moving average, it witnessed a sharp fall and made the low of $881. ETH has taken support at the key level of $860 (low of Jan 21) and has moved back above the psychological level of $1,000. To witness a rally, ETH needs to break and close above the resistance of $1,275 whereas a break below $860 will lead to further downfall.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
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