Ether (ETH) has been trading in a tight range of $1,262 and $1,360 for the past three days. This indicates indecisiveness between bulls and bears. The level of $1360 is very crucial to watch out for because a breakout above it will indicate that bears are losing their grip and the asset may climb to the 20-day EMA, which is $1,430. Ether, Bitcoin and other Altcoins appear to be ignoring the headline as the US Dollar Index surges to a 20-year high while the British Pound falls to an all-time low against the DXY. ETH is up by around 7% while the global volume has risen around 33% in the last 24 hours.
At the time of writing, ETH was trading at $1,383.5.
ETH after making an ‘Evening Star’ pattern at the resistance of $1,750 on 11th September started to trade in a downtrend. The prices corrected almost by 30% and made the weekly low of $1,220. The asset broke the key support of $1,275 but it failed to sustain below the support. Post this move, ETH started to consolidate around the key support of $1,275 (Upsloping Trendline & Horizontal Trendline) and today we can see some upward momentum. If the asset breaks and closes above $1,500 then we can expect it to further rally up to $1,750 and $2,000 levels.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $1,000 | $1,275 | ETH | $1,750 | $2,000 |
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.
