Ethereum Technical Analysis Report | 10th-May-2022

 ETH trading at its 4-month low now

The second-largest crypto-asset by market cap is trading near its 4-month low and is in red for the six straight weeks. ETH is up by 5% from the recent low of $2,201 with a 24-hour trading volume of $40,878,366,928 USD. Ethereum’s dominance is at 19.89% and the market capitalization is $280bn. 

At the time of writing, ETH was trading at $2,321.

ETH after making a ‘Bearish Engulfing’ at the recent top of $3,551witnessed a sharp fall and the prices have plunged almost by 36% over the past six weeks. On a weekly time frame, the asset is facing stiff resistance at its 20 Day Moving Average and is forming a ‘Lower Top Lower Bottom’ pattern. ETH has strong support at $2,160. If it holds the support then we can expect some relief rally whereas a break below this will lead to a further downfall and the asset can then test its $2,000 to $1,950 Levels.

Read more: What is Ethereum

Support 2Support 1AssetResistance 1Resistance 2

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