Ether Uptrend Is Weakening, Could Test Lower Support: Technical Analysis
Ether is facing resistance from all-time-highs and could see lower support, initially around $1,561.
Mar 11, 2021 at 12:18 p.m. UTCUpdated Aug 19, 2021 at 7:55 a.m. UTC
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Ether (ETH), the second largest cryptocurrency by market cap, is up about 140% for the year to date, but the uptrend has slowed since January. The first level of support is around $1,561, defined by its 50-day volume weighted moving average.
- The relative strength index (RSI) made a series of lower highs since January, diverging from ETH’s uptrend.
- Initial support for ETH is around $1,561, with lower support around the $1,300 breakout zone.
- Resistance remains around the $2,000 level, which set in February as fresh all-time-high for ETH.
- ETH has trailed bitcoin (BTC) since the Chicago-based commodities exchange CME launched its new ether futures contract in early February.
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