Ethereum (ETH) is currently facing a volatile market, with its value fluctuating between key resistance and support levels. After rebounding from a mid-October low of $1,536 to peak at $1,851 by Tuesday, ETH is now trading at $1,772, failing to sustain above the $1,850 resistance level.
This instability follows Ethereum's struggle with a descending trendline since hitting its yearly high of $2,141 in April. The future of ETH is uncertain; if it manages to break the $1,850 resistance again, it could potentially reach up to $1,900. However, should it fail to overcome the $1,815 resistance level, another drop towards the $1,775 support level may be imminent.
Adding to this uncertainty, troubled crypto firms Alameda Research and FTX have transferred over $59 million in assets including Ethereum for undisclosed reasons. FTX is currently facing allegations of criminal mismanagement and bankruptcy with around $9 billion in client funds missing. As a result, they are considering liquidating assets including Ethereum, Solana, and MATIC to repay creditors.
Despite these challenges and uncertainties surrounding Ethereum's future performance, there has been a resurgence in buying interest at the $1,780 support level for ETH. The daily trading volume for ETH stands at $10.7 billion as of today. This resurgence follows Bitcoin's recent 18-month high and a market share of $35,116 which has seemingly influenced ETH's market movements.
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