1st June 2021 | ZebPay Trade-Desk
Ethereum is on this road to recovery, and an upward trend seems to have set in. Having said that, the asset has been trading in a range-bound fashion between $2,550 and $2,700. On a positive note, money inflows from retail and institutions into the asset remain strong. ETH is currently trading at $2,640 Levels, which is a loss of 2.4% over the past 24 hours. Volumes have also shown good resilience, indicating that the fundamental strength of the asset is strong, and investors sentiment is positive.
ETH was facing some stiff resistance around $2,500 and once it was broken, the prices rallied up to $2,739. On the technical side, Moving averages have given a bullish crossover and RSI is also above 50 indicating strength. We can anticipate the trend to continue until it trades above the support levels. For ETH to further rally it needs to trade and sustain above the 100-day moving average.
| Resistance 2 | $2,981 |
| Resistance 1 | $2,750 |
| ETH | |
| Support 1 | $2,500 |
| Support 2 | $2,279 |
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