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Ethereum Tuesday

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
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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