Ethereum Tuesday Report | Ethereum Trading Analysis

24 August 2021 | ZebPay Trade-Desk

Ethereum (ETH) bears came in strong close to the $3,335 mark but were unable to make an impact. The price of ETH has sustained above $3,250 showing that the belief in it is strong, and bulls are still in control and are buying just as small dips occur. Strong psychological resistance is in place at $4,000, while a turn and fall below $3,000 would indicate that bears are back in the driving seat, though at times this seems unlikely to happen.

ETH witnessed a massive rally from $1,721 on July 20 to $3,380 surging almost by 96%. Post this move, it’s been seventeen trading sessions now that the asset is consolidating and trading in a range from $3,000 to $3,350. 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	$3,400
	ETH
Support 1	$2,950
Support 2	$2,650

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