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

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum etc.are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.

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