Ethereum, the name synonymous with Dapps, has risen by about 6% over the day. There is an increase in the flow of volume of about 52% in the last 24 hours which may be the arrival of a much-needed relief rally. However, it might be too early to expect a reversal. Ethe’s market cap is currently around $240 bn which is 6% up over the day. This week started off with mild gains for Ethereum and futures funding rates indicate that traders have strong faith in the asset.
At the time of writing, ETH was trading at $1,995.
ETH after making a low of $1,763 on 12th MAY was consolidating between $1,900 to $2,150. The asset gave a breakout on the downside and made a new low of $1,733. However, the bulls defended the key support level of $1,700 (The previous low of the ‘Double Bottom’ pattern) and started to move up by forming a ‘Higher High Higher Low’ pattern. Currently, ETH is trading just above the 20 Day Moving Average and to witness a rally it needs to break and close above $2,150 with good volumes.
Support 2Support 1AssetResistance 1Resistance 2$1,700$1,900ETH$2,150$2,400
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