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Ethereum Technical Analysis | 15th March 2022


15th March 2022 | ZebPay Trade-Desk

ETH – BEARS IN DEFENCE MODE

ETH, needs a strong bounce off the current level, to push the asset to the moving averages where the bears are again likely to mount a strong defence. WHile the sentiment is largely negative yet, the bounce in Bitcoin and select altcoins has increased the possibility of a short-term rise in prices. ETH is up 2% over the past 24 hours.

At the time of writing, ETH is trading at $2,565..

Ethereum continues to trade sideways in a ‘Symmetrical Triangle’ pattern indicating no trend. Breakouts on either side with good volumes will further decide the trend for the asset. ETH has a strong support at $2,400 and it has not given a daily close below this key level. Hence, If the prices hold and sustains above $2,400 then we can expect the bulls to resume the up move whereas a break or close below this level will lead to further downfall and the prices can slide to the next support which is at  $2,150. The declining volumes, Flat Moving Average and RSI around 50 indicates a neutral stance for the asset. To witness a good rally, ETH needs to trade and sustain above $3k mark.

Support 2 Support 1 Asset Resistance 1 Resistance 2
$2,150 $2,400 ETH $2,750 $3,000

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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