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Ethereum Tuesday

12 October  2021 | ZebPay Trade-Desk
Ethereum (ETH) has been pretty range bound, fluctuating in the range of $3,400-$3,650, as the tussle between the bears and bulls continues. Earlier today, it was reported that approximately 500,000 ETH (~USD 1.5bn) in fees have been burned. The burning phenomenon came about with the EIP-1559 upgrade which tends to make ETH more deflationary, which is why over the longer term, this could benefit the asset. ETH has shown a good inflow of volume which has swelled by around 11% since last week.




ETH post taking multiple support at a 100-day moving average around $2,725 surged almost by 38% from its recent low. The asset gave a breakout above the ‘Descending Triangle Pattern’ and rallied up to $3,670. It is yet again facing stiff resistance at $3,675  (the previous level from where the asset witnessed sharp correction) as the bulls are struggling to manage the grip on the momentum. Currently, the asset is consolidating and trading in a range from $3,650 to $3,400. To further rally ETH needs to break and close above the long-held resistance of $3,675.


Support 2Support 1AssetResistance 1Resistance 2
$2,750$3,150ETH$3,675$4,000

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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