19 April 2022 | ZebPay Trade-Desk
The second-largest cryptocurrency by market cap witnessed a short-covering and is up by 7.4% from yesterday’s low. Ethereum’s dominance is at 19.40% and the market capitalization is $361bn. Over the past 24 hours, we have seen the whales accumulating ETH worth around $155.8mn.
At the time of writing, ETH was trading at $3,004.
ETH after resisting around its 200 Day Moving Average witnessed a correction and was trading in red over the past five days making a low of $2,797. However, yesterday the asset took support at the key level of $2,775 (Neckline of the double bottom pattern) and bounced back up. ETH is currently trading above the psychological level of $3k. The major hurdle for bulls will be $3,050 and $3,175 (20 Day and 200 Day Moving Averages). Once it crosses these levels then it can further surge up to $3,550 levels.
Support 2Support 1AssetResistance 1Resistance 2$2,750$2,950ETH$3,175$3,550
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