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Ethereum Tuesday

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.

Support 2Support 1AssetResistance 1Resistance 2

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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