12 October 2021 | ZebPay Trade-Desk
Ethereum (ETH) has been pretty range bound, fluctuating in the range of $3,400-$3,650, as the tussle between the bears and bulls continues. Earlier today, it was reported that approximately 500,000 ETH (~USD 1.5bn) in fees have been burned. The burning phenomenon came about with the EIP-1559 upgrade which tends to make ETH more deflationary, which is why over the longer term, this could benefit the asset. ETH has shown a good inflow of volume which has swelled by around 11% since last week.
ETH post taking multiple support at a 100-day moving average around $2,725 surged almost by 38% from its recent low. The asset gave a breakout above the ‘Descending Triangle Pattern’ and rallied up to $3,670. It is yet again facing stiff resistance at $3,675 (the previous level from where the asset witnessed sharp correction) as the bulls are struggling to manage the grip on the momentum. Currently, the asset is consolidating and trading in a range from $3,650 to $3,400. To further rally ETH needs to break and close above the long-held resistance of $3,675.
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