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
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