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ETHEREUM TUESDAY

04 May 2021| ZebPay Trade-Desk
ETH has further rallied over the past week, and continues to do so, attaining new ATH’s almost everyday. The second largest cryptocurrency by market value crossed the $380 billion mark and keeps soaring high. Presently, ETH is trading around $3,350 reflecting a gain of about 8% approximately over the period of 24-hours.

As we can see from the hourly chart above, ETH is trading in an uptrend. It made an all-time high of $3,445. Post this feat, the asset has made ‘Tweezer Top’ pattern and we can see the red body has engulfed the green body with high volumes at the peak indicating a trend reversal. So, we may anticipate a minor correction or profit booking. For ETH to go further up, prices need to sustain above $3,400 and it needs to break the new top convincingly. $3,200 and $2,994 will act as crucial support levels for the asset.

Resistance 2$3,602
Resistance 1$3,445
ETH
Support 1$3,200
Support 2$2,994

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 Author is for informational purposes only and should not be treated as investment advice.

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