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Weekly Ethereum Technical Analysis: A Bullish Breakout | 21st-JUNE-2022

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Ethereum, the second-largest coin in the crypto world has had a good start this week. Major coins such as BTC, ETH, and selected altcoins tried to start a relief rally but most of the breakouts were sadly not able to come to a climax below the 20-day moving average. In recent news the Sepolia testnet […]
The post Weekly Ethereum Technical Analysis: A Bullish Breakout | 21st-JUNE-2022 appeared first on ZebPay | Buy Bitcoin & Crypto.

Ethereum, the second-largest coin in the crypto world has had a good start this week. Major coins such as BTC, ETH, and selected altcoins tried to start a relief rally but most of the breakouts were sadly not able to come to a climax below the 20-day moving average. In recent news the Sepolia testnet Beacon chain went live, providing consensus using PoS replacing the PoW which would be telling us what might happen when Ethereum actually merges. Currently, the bulls are buying in the dip indicating positive emotions.

At the time of writing, ETH was trading at $1,121.

Ethereum Chart | 21st-June-2022
Ethereum (ETH) Chart

ETH has closed in red for the past eleven weeks forming ‘Lower Top Lower Bottom pattern. After breaking the long-held support of $1,700 (The previous low of double bottom pattern) and its 200-week moving average, it witnessed a sharp fall and made the low of $881. ETH has taken support at the key level of $860 (low of Jan 21) and has moved back above the psychological level of $1,000. To witness a rally, ETH needs to break and close above the resistance of $1,275 whereas a break below $860 will lead to further downfall.

Key Levels:

Support 2 Support 1 Asset Resistance 1 Resistance 2
$675 $860 ETH $1,275 $1,550

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 crypto assets 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.

The post Weekly Ethereum Technical Analysis: A Bullish Breakout | 21st-JUNE-2022 appeared first on ZebPay | Buy Bitcoin & Crypto.


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