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Ethereum (ETH) and XRP Approaching Horizontal Resistance

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ETH and XRP showcase bullish trends, but a major test is ahead

horizontal resistance, according to a tweet from crypto analytics tool 100eyes Crypto Scanner.

Horizontal resistance, a key term in technical analysis, is a price level that a cryptocurrency or other asset has trouble surpassing. It often signifies a price point at which an influx of supply is strong enough to prevent the price from advancing further.Ethereum , the second-largest cryptocurrency, boasts a market cap of approximately $229 billion and a 4% weekly gain.

In technical analysis, horizontal resistance levels often act as psychological price barriers for traders. These points typically reflect a high level of selling pressure where traders decide to sell off their holdings to capitalize on price peaks. The impact of hitting these resistance levels can vary, potentially resulting in a price reversal or consolidation.

 

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