14 September 2021 | ZebPay Trade-Desk
Ethereum (ETH) has seen a significant correction over the past week or so, as it fell from highs of $4,000to $3,150 levels, before recovering and currently trades at $3,300. The asset has been range-bound since, fluctuating between $3,150-$3,500. Institutional inflows have seen a dip, and so have volumes. Currently, $3,550 acts as a strong psychological resistance, and if the assets beat that, bulls are likely to take charge.
ETH, last week, post consolidating gave a breakout on the upside and surged up to $4,027. However, the asset couldn’t sustain above the psychological resistance of $4,000 and witnessed a sharp correction of almost 25% making the low of $3,026.
ETH has very strong support around $3,000 and the lower longer shadows indicate buying around these levels. Currently, ETH is consolidating and trading in a range from $3,150 to $3,500 and breakouts on either side will further decide the trend for the asset.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
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