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Ethereum Tuesday

20th July 2021 | ZebPay Trade-Desk
At current levels, bears have been preventing ETH prices from rising, 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 this doesn’t concern us too much.

ETH has been trading in a downtrend for the past two weeks. The asset was trying to take support at $1,860 (78.6% Fibonacci Retracement Level) but was unable to gain momentum. The prices breached the support with low volumes. ETH has strong support at $1,711 (Previous Low). If it sustains the support level on a closing basis then we can expect some relief rally, else we may see a further downfall, and the prices may slide to the next support level of $1,520.

Resistance 2$2,045
Resistance 1$1,860
ETH
Support 1$1,711
Support 2$1,520

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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