Ethereum Tuesday

nl-trade

11 May 2021 | ZebPay Trade-Desk
Ethereum currently trades at $3,900 levels, with a 24-hour trading volume of $66 billion, as it crosses a market cap of $450 billion for the first time early this week. Ethereum is down 4.27% in the last 24 hours, after witnessing a slight correction, since it hit its new ATH of $4,207 yesterday.

As we can see from the hourly chart above, ETH made an all-time high of $4,207.6 yesterday, post this feat, the asset has made a ‘Shooting Star ’ pattern at the peak indicating a trend reversal and the prices plunged almost 12% and made the low of $3,666.3. Moving Average has given a bearish crossover and RSI is also trading below 50, indicating weakness. For ETH to go further up, prices need to sustain above $4,056 and it needs to break the new top convincingly. $3,767 and $3,597 will act as crucial support levels for the asset.

Resistance 2$4,207
Resistance 1$4,056
ETH
Support 1$3,767
Support 2$3,597

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