is no exception. In the last 24 hours, Ethereum has entered its 2022 lower price range, which might become the foundation of a massive bounce.In July and November, Ethereum successfully bounced off the price range we mentioned above. The $1,100 threshold acted as a strong support level for ETH twice, which allowed the second biggest cryptocurrency on the market to rally to almost $2,000 back in July.
Usually, thresholds like that attract enormous buying volumes, becoming"diamond" supports that usually do not get broken without unusual volatility spikes caused by certain news or fundamental changes that affect traded assets.While the price of $2,000 is too bold to call the next target for Ethereum, a spike in buying volume will most certainly form a guideline for ETH and a new uptrend. However, there are a few resistance levels that might interfere with Ether's recovery.
The first resistance is located at the $1,650 price threshold and represents a breakdown point of Ethereum. Back on Nov. 5, ETH failed to break through the local resistance level of $1,685, forming a strong resistance around that price level. Unfortunately, Ethereum is currently going through a tough stage as the number of institutional investors are actively dumping theirFTX, Jump Crypto and others have already sold hundreds of millions of Ethereum in the last seven days, causing a plunge from $1,348 to $1,100. At press time, Ether is trading at $1,100 and gaining around 0.5% to its value in the last 24 hours despite the negative performance of the market.
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