The bulls are having trouble holding levels, and many altcoins, including ETH, have taken advantage range-bound trading to surge as high as 10%. Ether, the most desired altcoin has surged by 6.13%, with an increase in volume of more than 23%. After the August 26th chaos, the US stock markets are trying stabilize themselves. Ether dropped below the 20-day EMA ($1,638), indicating that sellers are in control. The bears couldn’t sustain it for long, so there was buying in dip. ETH is also trying to break the $1700 overhead resistance.
ETH traded at $1,572 as of the writing of this article.
Chart for Ethereum (ETH).
After hitting a recent high of $2,000.30, ETH prices experienced a sharp correction. Prices fell nearly 29% to $1.422. The asset showed signs of recovery after this move but volumes are low. ETH could face stiff resistance between $1,700 and $1,750 (Horizontal Trendline & Twenty Day Moving Average). These resistances will be broken and prices could rise to the $2k mark. Strong support for ETH is at $1,500 and 1,275. Over the last week, RSI has been hovering around 50, indicating a neutral stance on the asset.
Support 2Support 1AssetResistance 1Resistance 2$1,275$1,500ETH$1,750$2,000
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30th-August-2022 ZebPay.