6th July 2021 | ZebPay Trade-Desk
Analysts believe that Ethereum could rise sharply against Bitcoin over the next few weeks with the technical advancements with EIP-1559, along with optimistic fundamentals. The depletion of Ether on exchanges globally will limit its circulation and result in scarcity which may drive prices up.
ETH had taken support around $1,720 multiple times in the past. This time too it did the same and started moving upwards forming a ‘Higher Top Higher Bottom’ pattern. The asset has surged by almost 39% from its recent lows and made the weekly high of $2,386.5. ETH faced resistance at these levels and witnessed some profit booking. Currently, the asset is consolidating around $2,300 to $2,100 and if the price sustains the support levels we can expect another rally up to the next resistance level which is at $2,650.
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