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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.

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
ETH
Support 1$2,000
Support 2$1,711

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 cryptocurrencies 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.

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