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Ethereum Tuesday

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.

Resistance 2$3,888
Resistance 1$3,600
ETH
Support 1$3,122
Support 2$2,928

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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