05 October 2021 | ZebPay Trade-Desk
In the latter part of last week, Ethereum (ETH) saw a 15%, and it currently trades at $3,390. ETH has started to witness good inflows upon recovery, which is a strong fundamental sign of the asset, showcasing that investors are still keen on accumulating the asset. On the first of the month, ETH climbed by 10%, beating a crucial resistance level of $3,050, and since then has closed in the green for multiple trading sessions. Furthermore, the impact of the London hard fork seems to have set in, which has further led to some investors holding a bullish outlook for Ether, owing to the classic law of supply and demand.
ETH post correcting 34% from the $4,000 mark made a ‘Bullish Engulfing Pattern’ at the low of $2,656.4 and started consolidating and showed signs of recovery. The asset took multiple support at $2,750 and was not able to break the 100day simple moving average on the downside. The bulls took the charge and the asset started to make ‘Higher High Higher Low’ formation. Currently, ETH has given a breakout above the descending trend line and is consolidating between $3,450 to $3,300. Once the asset trades or closes above the psychological level of $3.500, then we can expect the prices to further rally up to the $4K mark.
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