Ethereum Merge has helped Bitcoin and other altcoins to prepare for a rally. Although Ether (ETH), broke the overhead resistance at $1700 Sep 9, the bulls still face strong resistance at $1800. This indicates that bearish sentiments aren’t dying down and the bears continue to sell at higher levels. Chicago Mercantile Exchange Group (CME Group), a derivatives market, has announced it will launch options trading for Ether (ETH), futures products. The asset volume has increased around 18%, and the dominance is at 19.7%.
At the time this article was written, ETH was trading for $1,707.
Chart for Ethereum (ETH).
ETH has corrected almost 30% from its previous high of $2,000.30 to $1.422. The asset moved up after this move, making a ‘Tweezer Bottom’ and a Bullish Engulfing pattern. ETH currently faces strong resistance at $1,750 (Horizontal Trendline & 23.6% Fibonacci Rectangle Level). If the resistance is overcome, prices will rise to $2,000 to $2150. The asset is looking for support at its 20-Day Moving Average.
Support 2Support 1AssetResistance 1Resistance 2$1,275$1,500ETH$1,750$2,000
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