11 May 2021 | ZebPay Trade-Desk
Ethereum continues to outperform Bitcoin as money from retail and institutions flows into crypto. ETH is currently trading at 3529 levels, which is at a gain of 7.69% over the past 24 hours. Volumes have also shown good resilience, indicating that the fundamental strength of the asset is strong, and investor sentiment is positive.
As we can see from the hourly chart above, ETH, post correcting almost 28% from the peak has made a ‘DOJI’ pattern at $3,122 which indicates indecision. We saw an almost 13% pull back from the low. Moving Averages has given a bullish crossover and RSI is above 50 indicating some strength. For ETH to go further up, prices need to break and sustain above 3,600 levels. Hence, we remain bullish on the asset until it is trading above $3,122. If it breaks the support level we may see some weakness.
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