20th July 2021 | ZebPay Trade-Desk
At current levels, bears have been preventing ETH prices from rising, 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 this doesn’t concern us too much.
ETH has been trading in a downtrend for the past two weeks. The asset was trying to take support at $1,860 (78.6% Fibonacci Retracement Level) but was unable to gain momentum. The prices breached the support with low volumes. ETH has strong support at $1,711 (Previous Low). If it sustains the support level on a closing basis then we can expect some relief rally, else we may see a further downfall, and the prices may slide to the next support level of $1,520.
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