Ethereum Technical Analysis Report | 17th-May-2022  

Ethereum, the name synonymous with Dapps, has fallen by about 12% over the past week. There is an increase in the flow of volume of about 20% in the last 24 hours which may be due to the strong selling at the top of each rally but the bulls persistent buying in the dips. Ethe’s market cap is currently around $250 bn which is 1% down over the day. This week was hard for Ethereum but future funding rates indicate that retail traders have strong faith in the asset. 

At the time of writing, ETH was trading at $2,075.

ETH has been trading in the downtrend over the past six weeks by forming a ‘Lower Top Lower Bottom’ pattern making the low of $1.763.  However, the asset has taken support around the key level of $1,750 (Horizontal Trendline, 200 Week Moving Average, 127% Fibonacci Retracement Level). The lower longer shadow around the support indicates that the bulls are buying the dip. If the bulls can defend the support successfully, then we can expect a relief rally up to $2,400. Currently, ETH is facing strong resistance at around $2,150. A break or close below $1,700 will lead to further downfall to $1,500 levels.

Support 2Support 1AssetResistance 1Resistance 2

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.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Each investor must do his/her own research or seek independent advice if necessary before initiating any transactions in crypto products and NFTs. The views, thoughts, and opinions expressed in the article belong solely to the author, and not to ZebPay or the author’s employer or other groups or individuals. ZebPay shall not be held liable for any acts or omissions, or losses incurred by the investors. ZebPay has not received any compensation in cash or kind for the above article and the article is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information.

ZebPay Weekly

Subscribe for latest crypto news & stay updated!

    Start Trading Now