13th July 2021 | ZebPay Trade-Desk
At current levels, bears have been preventing Ethereum prices from rising up, and buyers seem to be unable to push prices upwards. However, the asset continues to look attractive at current prices, and with the ‘London’ fork just 3 weeks away, we anticipate more activity to set in and drive prices. Volumes continue to remain low, but this has been native to all assets, not just ETH, so doesn’t concern us too much.
ETH after making the low of $1,711 surged almost by 40% up to $2,409. The asset faced resistance of around $2,400 and made a ‘Doji’ candle indicating indecision in trend. Post This, ETH had corrected by almost 17.5%. ETH has strong support at $2,000 (closing basis). Currently, the prices have breached the crucial support of $2,000 and are trading just below that. If it sustains the support level on a closing basis then we can expect some relief rally up to $2,400, else we may see a further downfall, and the prices may slide to the next support level of $1,750.
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