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Ethereum (ETH) Price Nears Key Support Level

Published 2023-11-22, 01:44 a/m
© Reuters Ethereum (ETH) Price Nears Key Support Level
ETH/USD
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U.Today - According to the latest data from 100eyes Crypto Scanner, Ethereum is a horizontal support point at around $1,925.

This follows a dynamic 24-hour trading period where Ethereum's price fluctuated between $1,940.08 and $2,018.93, currently standing at $1,989.80.

This represents a 1.2% increase compared to the previous day, with its market capitalization now at approximately $239 billion and a substantial 24-hour trading volume of $23 billion.

More buying opportunities?

Horizontal support is a significant concept in the trading of cryptocurrencies. It refers to a price level at which a downward trend is expected to pause due to a concentration of demand.

Now that Ethereum nears this key level of $1,925, investors and traders are closely monitoring its movement for potential buying opportunities or signs of a further price drop.

The top altcoin dropped in tandem with other major cryptocurrencies on Tuesday due to the bombshell .

Traders are still greedy

Despite this, Ethereum's current sentiment remains in 'greed' territory, with the Ethereum Fear and Greed Index indicating a score of 56 — suggesting that market sentiment is still optimistic.

Despite recent fluctuations, ETH is up by 66% since the beginning of the year. This robust increase is a potential factor contributing to the prevailing optimistic sentiment among investors, even as the cryptocurrency approaches its horizontal support level.

Ethereum's performance over various periods has shown a mixed trend, with a 5-day decrease of 2.84% but an 11.34% rise over the past month and an 18.20% increase in the last three months.

This article was originally published on U.Today

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