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Ethereum Tuesday

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
Support 1$2,500
Support 2$2,279

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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