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Ethereum Tuesday

31 August  2021 | ZebPay Trade-Desk
Ethereum (ETH) continues to see inflows from institutional investors, despite the consolidation phase that the asset has been experiencing the past few days. Ether has seen the largest inflow among institutional investors, with ETH-based products posting a weekly inflow of $17.2 million, as of yesterday. ETH has been fairly range-bound the past 2-3 days, trending between $3,100-$3,300.

ETH has been consolidating and trading in a range from $3,000 to $3,350 over the past two weeks. The asset is facing stiff resistance at $3,355 (61.8% Fibonacci Retracement Level) and the bulls are struggling to breach these levels. Once the breakout or close occurs above $3,356 with good volumes then we can expect another rally up to 3,800 and if it fails to do so then the prices may continue to be in a range for a few more days.

Resistance 2$3,850
Resistance 1$3,400
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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