Ethereum Technical Analysis Report | 24th-May-2022

Ethereum is a decentralised open-source blockchain system that features its own crypto asset, Ether. ETH works as a platform for numerous other crypto assets, as well as for the execution of decentralised smart contracts. Ethereum has fallen by about 2.2% over 24hours. There is an increase in the flow of volume of about 35% in the last 24 hours. Ethe’s market cap is currently around $240 bn which is 2% down over the day.

At the time of writing, ETH was trading at $1,985.

ETH has traded in the red for the past seven weeks in a row. This week too, the asset has started in red. However, the prices are not making new lower lows. ETH, after making the low of $1,763 has taken support around the key level of $1,750 (Horizontal Trendline, 200 Week Moving Average, 127% Fibonacci Retracement Level) and has shown signs of recovery. On a daily time frame, the asset is consolidating and trading in a range of $2,150 to $1,900 accompanied by very low volumes. Breakouts on either side of the range with good volumes will further decide the trend.

Support 2Support 1AssetResistance 1Resistance 2

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