Ethereum (ETH) is currently priced at $2,508.95, up slightly by 0.09% compared to yesterday. Despite the continuous volatility in trading activity, this cryptocurrency still stays tuned in its position, as its trading volume has fallen from $13.1 billion down to $11.2 billion. The decline in trading volume does not affect the stability of market capitalization and the price of Ethereum, as it remains at $302.88 billion and the same price.
When considering ETH on the weekly timeframe, two important price levels are shaping its medium-term trend. After Ethereum recently hit a new low, it has been strongly supported at $2,150 and has risen sharply because of this. On the other hand, $2,750 is becoming an important resistance point. Analysts believe that Ethereum cannot begin a sustained recovery until this point is reclaimed.
The resistance level at $2,750 remains the focus of the market.
The Ethereum price is currently struggling below the $2,750 level due to market uncertainty after rising from the previous support level. Holding the resistance level on Ethereum could prompt a further bullish move towards the $3,600 area. This upper range constitutes the main resistance zone of the current technical structure.
If the price of ETH cannot reach $2,750, then it is likely that the price will fall down to test the level of $2,150 once again. This area has been a strong support for the asset in the past; therefore, it may continue to hold buying support in any market downturn.
Market conditions indicate the current sideways action.
The supply of Ethereum includes 120.72 million ETH and has a limit on the number of ETH that can be issued. The volume to market capitalization ratio is currently 3.69 percent, indicating average activity with the total value of Ethereum. As the price moves within a certain timeframe and there are no breakout signals indicated, the market seems to have no direction so far.
Market participants are closely watching the developments of Ethereum around the $2,750 level. If it successfully reclaims this level, it could signal a new direction, but a rejection could maintain the progression phase on the chart. Currently, Ethereum is holding a conservative position within the overall structure it is a part of.
"Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should conduct their own research before making financial decisions."
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Ethereum consolidates at $2,500: Please follow this important level of $2,750.
Ethereum (ETH) is currently priced at $2,508.95, up slightly by 0.09% compared to yesterday. Despite the continuous volatility in trading activity, this cryptocurrency still stays tuned in its position, as its trading volume has fallen from $13.1 billion down to $11.2 billion. The decline in trading volume does not affect the stability of market capitalization and the price of Ethereum, as it remains at $302.88 billion and the same price.
When considering ETH on the weekly timeframe, two important price levels are shaping its medium-term trend. After Ethereum recently hit a new low, it has been strongly supported at $2,150 and has risen sharply because of this. On the other hand, $2,750 is becoming an important resistance point. Analysts believe that Ethereum cannot begin a sustained recovery until this point is reclaimed. The resistance level at $2,750 remains the focus of the market. The Ethereum price is currently struggling below the $2,750 level due to market uncertainty after rising from the previous support level. Holding the resistance level on Ethereum could prompt a further bullish move towards the $3,600 area. This upper range constitutes the main resistance zone of the current technical structure.
If the price of ETH cannot reach $2,750, then it is likely that the price will fall down to test the level of $2,150 once again. This area has been a strong support for the asset in the past; therefore, it may continue to hold buying support in any market downturn. Market conditions indicate the current sideways action. The supply of Ethereum includes 120.72 million ETH and has a limit on the number of ETH that can be issued. The volume to market capitalization ratio is currently 3.69 percent, indicating average activity with the total value of Ethereum. As the price moves within a certain timeframe and there are no breakout signals indicated, the market seems to have no direction so far. Market participants are closely watching the developments of Ethereum around the $2,750 level. If it successfully reclaims this level, it could signal a new direction, but a rejection could maintain the progression phase on the chart. Currently, Ethereum is holding a conservative position within the overall structure it is a part of. "Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should conduct their own research before making financial decisions."