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Ethereum Tuesday

17 August  2021 | ZebPay Trade-Desk
So far year-to-date, Ether (ETH) has outperformed Bitcoin (BTC) in terms of market performance, rising more than 320% against BTC’s 54% returns. ETH has gained over 60% in the last 30 days, and the bullish sentiment that has set it only seems to get stronger as the asset has been benefiting from strong volumes and good momentum. The rapid growth of decentralized finance (DeFi) applications has resulted in strong inflows from institutional investors.

ETH witnessed a massive  rally from $1,721 on July 20 to $3,340 on August 16 surging almost by 94%. Post this move, the asset is now consolidating and trading in a range from $3,000 to $3,300. The volumes are also declining which indicates indecision at these levels. Hence, we conclude that breakout on either side with good volumes will further decide the trend for the asset.

Resistance 2$3,850
Resistance 1$3,500
ETH
Support 1$2,950
Support 2$2,650

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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