Ethereum Technical Analysis Report | 16th-AUGUST-2022

After trading around $2,000 for most of the weekend, ETH is opening up a bit lower this morning, but is still very clearly the centre of attraction in crypto markets. The asset has outperformed BTC over the past two months.  The ETH/BTC pair has surged almost by 63% from 0.0499 to the recent high of 0.0816 indicating that ETH has outperformed BTC. However, the pair has a stiff resistance at 0.082 and can witness some profit booking at that level.

At the time of writing, ETH was trading at $1,887.

Ethereum Chart | 16th August 2022
Ethereum (ETH) Chart

ETH saw a sharp rally and surged almost by 130% from the lows of $881 to the recent high of $2,030 in the past few months. Post this move, the asset faced stiff resistance around the psychological level of $2k and witnessed some profit booking. On a daily time frame, ETH has made ‘Lower Low Lower High’ formation over the past three days but with low volumes. The asset has a strong zone from $1,800 to $1,750. If it holds and sustains above the support then we can expect the bulls to resume the up-move. To further rally, the asset needs to break and close above the $2k mark.

  Support 2Support 1AssetResistance 1Resistance 2

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