Ethereum Tuesday


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.

Ethereum Technical Analysis and Chart

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.

Resistance 2$2,651
Resistance 1$2,370
Support 1$2,000
Support 2$1,711

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