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.
|Support 2||Support 1||Asset||Resistance 1||Resistance 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.