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
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