19 April 2022 | ZebPay Trade-Desk
The market capitalization of the second-largest cryptocurrency, Ethereum, saw a temporary recovery and is now up 7.4% from yesterday’s low. Ethereum is currently at 19.40%, and its market capitalization stands at $361bn. We have witnessed the whales accumulate ETH in excess of $155.8mn over the last 24 hours. ETH traded at $3,000.
After resisting around the 200 Day Moving Average, ETH saw a correction. It traded in red for five days, making a low at $2797. Yesterday, however, the asset found support at $2,775 (Neckline for the double bottom pattern), and bounced back up. ETH currently trades above the psychological level at $3k. Bulls face major obstacles at $3,050 (20-Day and 200-Day Moving Averages) and $3,175 (3,175 (20-Day and 200 Day Moving averages). It can then surge to the $3,550 level if it surpasses these levels.
Support 2Support 1AssetResistance 1Resistance 2$2,750$2,950ETH$3,175$3,550
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 response to new events or circumstances after the date of the report was made. Trading and Investments in cryptocurrencies 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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