Ethereum, the name that is synonymous with Dapps has seen a 6% increase in volume over the last day. The volume has increased by 52% over the past 24 hours, which could indicate a relief rally. It is too early to predict a reversal, however. Ethe’s market capital is currently at $240 billion, which is 6% more than the previous day. The week began with modest gains in Ethereum, and futures funding rates suggest that traders have high faith in the asset.
ETH traded at $1,995 as of the writing of this article.
After hitting a low of $1763 on 12th May, ETH was consolidating between $1900 and $2,150. The asset made a break out on the downside, and hit a new low at $1,733. The bulls held onto the $1,700 support level (the previous low of the Double Bottom pattern) and began to move up with a Higher High Higher Lower’ pattern. ETH trades just above the 20 Day Moving average. To witness a rally, it must break above $2,150 in good volumes.
Support 2Support 1AssetResistance 1Resistance 2$1,700$1,900ETH$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, 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 in any way be considered investment advice.
31st-May-2022 ZebPay
