10 August 2021 | ZebPay Trade-Desk
Ether (ETH) crossed the psychological level at $3,000 on Aug. 7, a signal that the correction might actually be over. The bears tried to stop the rally by pulling the price back below $3,000 but the buyers held their ground. We anticipate that the bull will now try to resume the uptrend, citing levels of $3,500 and then to the psychological resistance at $4,000.
ETH had a strong resistance at $2,900, the prices breached the crucial level and rallied up to $3,200. Technically, the asset is now consolidating near the highs and trading between $3,200 and $2,950. $29,00 will act as a support for ETH and if it sustains the support, we can expect another rally, else we may see some correction, and the prices may slide to the next support level of $2,650.
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