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Ethereum Tuesday

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

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 Author is for informational purposes only and should not be treated as investment advice.

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