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Ethereum Tuesday

13th July 2021 | ZebPay Trade-Desk
At current levels, bears have been preventing Ethereum prices from rising up, and buyers seem to be unable to push prices upwards. However, the asset continues to look attractive at current prices, and with the ‘London’ fork just 3 weeks away, we anticipate more activity to set in and drive prices. Volumes continue to remain low, but this has been native to all assets, not just ETH, so doesn’t concern us too much.

ETH after making the low of $1,711 surged almost by 40% up to $2,409. The asset faced resistance of around $2,400 and made a ‘Doji’ candle indicating indecision in trend. Post This, ETH had corrected by almost 17.5%. ETH has strong support at $2,000 (closing basis). Currently, the prices have breached the crucial support of $2,000 and are trading just below that.  If it sustains the support level on a closing basis then we can expect some relief rally up to $2,400, else we may see a further downfall, and the prices may slide to the next support level of $1,750.

Resistance 2$2,651
Resistance 1$2,370
ETH
Support 1$1,825
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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