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
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 has 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 the event of changes or unforeseen events. Trading and Investments in crypto assets viz. Bitcoin, Bitcoin Cash, Ethereum, etc. These are highly speculative investments and can be subject to market risk. The Author’s analysis is intended to be informative only and should not serve as investment advice.
30th-August-2022 ZebPay.
