Ethereum, the name that is synonymous with Dapps has dropped by around 12% in the last week. The volume has increased by 20% over the past 24 hours. This could be due to strong selling at the top and bulls’ persistent buying during the dips. Ethe’s market capital is currently at $250 billion, which is 1% less than the previous day. Although this week was difficult for Ethereum, future funding rates suggest that retail traders still have faith in the asset.
ETH traded at $2,075 as of the writing of this article
ETH has been trading in a downtrend for six weeks. The ‘Lower Top Lower Bottom” pattern that formed the low of $1.763 is what has caused ETH to trade in the past six week. The asset has found support at the $1,750 key level (Horizontal Trendline 200 Week Moving Average, 127% Fibonacci retracement Level). The longer shadows around the support indicate that bulls are buying the dip. If the bulls are able to defend the support, we could see a rally of up to $2,400. ETH currently faces strong resistance around $2,150. Further decline to $1,500 levels will be possible if ETH breaks or closes below $1,700.
Support 2Support 1AssetResistance 1Resistance 2$1,700$1,950ETH$2,150$2,400
Disclaimer: This report should not be regarded as investment advice. It does not consider the financial situation, investment goals or needs of investors. When deciding whether an investment is right for them, all investors should take into account these factors and consult with a professional advisor. This report was prepared by the Company using information that it has access to, as well as information from public sources that have not been independently verified. The Company makes no representations or warranties, either express or implied, regarding the accuracy, reliability, completeness, correctness, completeness, or reliability of any information, opinions, and conclusions contained herein. This report is preliminary. The Company does not assume any obligation to revise or update the reports in response to new events or circumstances after the date of the report was made. Trading and Investments in cryptocurrencies viz. Bitcoin Cash, Ethereum, and other cryptocurrencies are highly speculative investments that are subject to market risk. The Author’s analysis should be used only as information and should not be considered investment advice.
17th-May-2022 ZebPay
Did you miss our previous article…
https://www.goldcoastmoneyonline.com/may-20-22-2018/
