8th June 2021 | ZebPay Trade-Desk
The past week has been decent for Ethereum. The asset has finally caught the upward trend after the market reset and has been trading in the range of $2,400 to $2,850.
The current price of the ETH is $2,485 and it has fallen in the last 24 hours almost by 10%. The market stance on the asset is mostly bearish leading to the fall in volumes in the last couple of days. However, we anticipate that the bearish stance is likely to change as the asset continues to benefit from good institutional flows and a strong fundamental matrix.
ETh showed good signs of recovery, however, it failed to break the crucial resistance level of $2,981. Technically, on the four-hour time frame, we can see the asset is making a ‘Lower Lows Lower Highs’ formation. ETH is trying to take support around $2,400 levels and we can expect some recovery if it holds these levels. If the asset fails to hold the support level of $2,430, it can further slide to the next support level which is at $2,279.
| Resistance 2 | $2,981.00 |
| Resistance 1 | $2,840.00 |
| ETH | |
| Support 1 | $2,430.00 |
| Support 2 | $2,279.00 |
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.
