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Ethereum Tuesday

16th November  2021 | ZebPay Trade-Desk

Ethereum (ETH) is facing strong overhead resistance, and this signals that bears are attempting to stall the next upward move. Having said that, on-chain metrics remain strong, and volumes have been supportive too. ETH has witnessed a 7% correction in the past 24 hours, and currently, trades are $4,400. Its dominance is also down, currently at 19.2%, with a market capitalization of $520bn. In the immediate short term, the trend seems to have become slightly bearish, as the asset fell past its crucial support level of $4,400.



ETH had been trading in an uptrend and last week the prices touched the new all-time high of $4,864.9. However, the asset witnessed minor profit booking at the higher levels. Technically, ETH has made a ‘Spinning Top’ candle at its peak which indicates indecisiveness on the part of bulls to continue its juggernaut for the moment.

This indecision can signal more sideways movement or a possible reversal. To further rally the asset must break or close above the recent high of $4,864. This is the first time that the ETH is trading below the 20 Day Moving Average since it started moving up. The asset has a strong support zone from $4,350 to $4,250, a break below the support may lead to the further downfall and the price can slide to the next support level which is at $3,950.

Support 2Support 1AssetResistance 1Resistance 2
$3,900$4,250ETH$4,865$5,096

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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