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Ethereum Tuesday

07 December  2021 | ZebPay Trade-Desk

After witnessing a crash over the weekend and hitting lows of $3,436, the asset seems to have recovered pretty well over the past day or so, and currently trades at $4,320. ETH dominance is up, close to 22% as the asset has been overperforming, compared to BTC this year. The number of active addresses on the network continues to climb while the issuance of new ETH is diminishing, a classic demand and supply paradigm, which is the key reason for its rise. 



ETH witnessed a sharp fall and made a low of 3,436. However, the prices didn’t sustain at lower levels. The asset has recovered well and is trading above the $4k mark. The lower longer shadow indicates that the bulls are buying the dips. ETH/ BTC ratio is also trading at the highs (0.08534) which indicates that ETH is looking strong and is outperforming BTC. ETH has strong support at $3,900 and $3,350 whereas $4,350 and $4,850 can act as strong resistance. RSI (Relative Strength Index) around 50 suggests a neutral stance for the asset. Hence, to further rally, it needs to break and close above the resistance levels.

Support 2Support 1AssetResistance 1Resistance 2
$3,350$3,900ETH$4,400$4,850

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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