07 September 2021 | ZebPay Trade-Desk
Ethereum (ETH) continues to see inflows from institutional investors and continues to see a rally, currently trading at $3,950. ETH surged 96% from its recent lows at $1,721 up to $3,380, and then was struggling to breach the important level of $3,400. For a few weeks, the asset was trading in a broad range from $3,350 to $ 3,300. The asset finally gave a breakout last week with good volumes and the bulls took complete charge and the prices made the high of $4,026. Since then it has been trading in the range of $3,850-$3,980.
ETH post surging 96% from $1,721 up to $3,380 was struggling to breach the important level of 3,400 (61.8% Fibonacci Retracement Level) and was trading in a broad range from $3,350 to $ 3,300. The asset finally gave a breakout last week with good volumes and the Bulls took complete charge and the prices made the high of $4026.
Technically, ETH is trying to make a ‘Flag’ pattern. Once the breakout occurs above $4000 with good volumes then we can expect the prices to rally up to the all-time high of $4,373 and if it fails to do so then we can expect some pullback or profit booking from these levels.
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