Ethereum closes in on the fresh new resistance levels and the price action has been mirroring one of Bitcoin’s recent times which made it getting close to stronger levels of selling pressure in spite of ETH’s multiple recent attempts to break above the resistance level at $190. Let’s read more in the ETH news today.
The selling pressure dragged the price of ETH down to the lower $180 region while it is also causing it to form a new resistance level directly above the current price which could send it even further on the downside in the near-term. Ethereum closes in on the $183 trading level and it’s trading up over 2% which marks a slight increase from the recent lows of the lower $180 price level that it was set yesterday.
Ethereum’s ability to show strong bond after the brief drop below the $180 signals that this is actually strong short-term support level that could hold it there as long as Bitcoin does not incur any strong selling pressure in the near-term. The price action was similar to the one of Bitcoin over the past couple of days and Bitcoin is consolidating around the $8,500 which seems to be its current support level that the bulls are keen on defending. The ability of the altcoin to stabilize in the lower $180 region, comes as it faces the increasing on-chain volume which increased by more than 30 percent in the past 24-hours. As per TokenAnalyst, a popular analytics group we can read that:
“24H #ETH Network Stats: Price: $181.76 (-1.9%) $ETH On-Chain Volume: $324M (+32.3%) Active Senders: 209K (-6.1%) Active Recipients: 94K (-0.4%).
Another popular crypto analyst in Twitter, HornHairs, explained in the latest tweet that the altcoin is now pushing up against the fresh supply region that could force the altcoin to drop back to the previous support around $180:
“$ETH short idea. 2H SFP in the making at a fresh level of supply. This level also lines up with the monthly open. Targeting the most recent swing low for now.’’
In the near-term, it seems like BTC is holding steady if ETG is yet to see the upside and it is slowly closing down with the correlation with the BTC could prove to be a hugely bearish thing if the support level exists around $8,500 that begins to disappear as bears ramp up their pressure.
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