21 September 2021 | ZebPay Trade-Desk
Ethereum (ETH) has seen a significant correction over the past week or so, as it fell from highs of $3,600to $2,950 levels and currently trades at $3,020. Institutional inflows have seen a dip, but volumes are up significantly over the past few days, as the asset seems rather attractive at these levels. Currently, $3,300 acts as a strong psychological resistance, and if the asset beats that, bulls are likely to take charge.
ETH witnessed a sharp correction almost by 23.5% from its recent high of $3,675 making the low of $2,808. The asset has a very strong support zone from $2,950 (asset has taken multiple support at this level) to $2,869 (50% Fibonacci Retracement Level). The prices have tested the support today and bounced back up, the lower longer shadow indicates that the bulls are buying around these levels. Today’s closing is very crucial for ETH. If the bulls manage to hold the support zone, ETH might resume its up move and we can expect some relief rally. On the contrary, the break or close below the support zone, the bears will take the lead and the prices could slide to $2,600 to $2,400.
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