19 April 2022 | ZebPay Trade-Desk
The market capitalization of the second-largest cryptocurrency was up by 5% yesterday. Ethereum is currently at 19.42%, with a market capitalization of $366bn. According to Tim Beiko, core developer, the merger of Eth2.0 was pushed back even further. There hasn’t been any immediate or subsequent effect of the announcement on price. According to current conditions, bulls may be trying to trap aggressive bears.
ETH traded at $3,044.
After facing stiff resistance at $3600, ETH saw a sharp correction. The asset dropped almost 19.5% to a low point of $2,883. The asset found support at $2,870 (50% Fibonacci retracement level) and rebounded above the $3k mark. The longer shadow that is lower around the support means that bulls are buying at lower levels. ETH trades sideways between $2,950 and $3,100, despite low volumes. If the breakout happens above $3,155 (200-Day Moving Average), then prices will rise to $3,600.
Support 2Support 1AssetResistance 1Resistance 2$2,650$2,870ETH$3,155$3,415
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