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.
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