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Ethereum Tuesday

03 August  2021 | ZebPay Trade-Desk
Ethereum seems to have embarked upon its path to recovery, crossing the $2,600 mark yesterday. ETH has rallied close to 60% from its $1,710 low. Part of the recent recovery can be attributed to the much-awaited London hard fork. Traders and investors see the EIP-1559 launch as a bullish driver for Ether price, as it is likely to reduce gas fees. However, whether the rally will sustain or not, remains uncertain. The Ethereum London hard fork will now take place this week but is delayed as the previous schedule mentioned in late July. 

ETH took support at $1,711 (Previous Low) and started moving upwards by forming a ‘Higher High Higher Low’ pattern. The prices surged almost by 56% and made a weekly high of $2,697. The asset has made a ‘Shooting Star’ pattern at the resistance of $2,650, where the long upper shadow indicates selling or profit booking from these levels (It being a green body candle the correction might not be as strong compared to a red body shooting star candle). ETH has strong support at $2,400.  If it sustains the support level on a closing basis then we can expect another rally, else we may see the prices may slide to the next support level of $2,045.

Resistance 2$2,950
Resistance 1$2,650
ETH
Support 1$2,400
Support 2$2,045

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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