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Ethereum Tuesday

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.

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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