Ethereum, second-largest crypto asset in market capital, enjoyed a strong weekend session that saw it rise almost 25% over the past two days. The ETH/BTC ratio also increased from 0.053 and 0.07, indicating that ETH outperforms BTC. The market capitalization stands at $183 billion and ETH’s dominance is currently at 18.21%.
At the time this article was written, ETH was trading for $1,504.
Chart for Ethereum (ETH).
After taking support at $860 (Low on 4th January 2021), ETH traded sideways between $1,000 and $1,275. Finally, the asset broke out above this range and rallied to $1630. ETH could face resistance at $1700 (Lows in the Double Bottom pattern). We may see profit booking or consolidation at these levels. It can rally to $1,950-$2,000 once it reaches and maintains above $1,000. $1,275 will be a strong support.
Support 2Support 1AssetResistance 1Resistance 2$1,000$1,275ETH$1,700$1,950
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, correctness, completeness, reliability, or fairness of the information, opinions, or conclusions contained herein. This report is preliminary. The Company does not assume any obligation to revise or update the reports in the event of changes or unforeseen events. Trading and Investments in crypto assets viz. Bitcoin Cash, Ethereum, and Ethereum are highly speculative investments that can be subject to market risk. The Author’s analysis should be used only as information and should not be considered investment advice.
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