The crypto market corrected largely on news that the CFTC has sued Binance and its CEO Changpeng Zhao, but technical charts show a silver lining. Ether rebounded from the 20-day EMA ($1,705) on March 25, but the bulls failed to challenge the overhead resistance at $1,857. This shows that the bears are selling on relief rallies. ETH products recorded $5.2 million in outflows last week, marking the third straight week of outflows. The report attributes this trend to investor concerns over the Shanghai update, which is expected to take place on April 12. The global volume of the asset has increased by 19% while the dominance is at 18.63%.
At the time of writing, ETH was trading at $1,718.5
ETH after making the low of $1,073.9 has witnessed a sharp rally and surged almost by 73% within four months and made the high of $1,858. Currently, the asset is trading in a broad range from $1,700 to $1,820. Yesterday, the prices went below the support of $1,700 and made a low of $1,687. However, ETH gave closing above the $1,700 level. It has a strong support zone from $1,725 to $1,700. If the price holds and sustains above the support then we may expect it to surge up to $2k levels whereas a break and close below the support can lead to a further downfall and can see a drop to $1,500.
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