9th November 2021 | ZebPay Trade-Desk
Ethereum (ETH) has been experiencing a bull run over the past 2 weeks now. The asset hit a new ATH of $4,823, and currently has a dominance of 19.5%, with a market capitalization of $567bn. Despite the significant rally, the asset continues to witness good inflows, and volumes have also held up. ETH options have also seen a jump in OI and volume over the past few days. All of these are good fundamental metrics, which help reinstill the belief the investor community has in the asset.
ETH this week, after making the weekly low of $4,327 resumed its up move and made the new all-time high of $4,820. The longer lower shadows indicate that the bulls are aggressively buying the dips. Technically, the asset is making a ‘Higher Top Higher Bottom’ formation and is sustaining above 20 Day Moving Average. RSI at 69 is also in positive territory. Hence, we continue to remain bullish on ETH. However, the asset may face resistance at the psychological level of the $5k mark.
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