Because of the buying concentration at $1,960, a resistance was formed in the region. For ETH to overcome this obstacle, some changes need to occur. Here are some., the last seven days have been impressive, thanks to a 10.24% price increase. However, the double-digit hike has stalled, as ETH dropped to $1,780 in the last 24 hours. Regardless of the decline, the broader market is still positive that the coin will find its way to $2,000 very soon.
The analyst noted that about 33 million ETH were accumulated by 1.14 million addresses at $1,960. Because of the buying concentration at this point, ETH has formed a resistance there.Should more trading activity surpass the volume at the aforementioned price level, then ETH may push toward $2,000. Otherwise, a notabledominance to reduce even though it has relatively followed the king coin’s price action lately. At press time, Bitcoin’s dominance was 52.43%.
The upper band of the BB had touched ETH at $1,805, triggering a reversal in the price. As it stands, there is still a chance for ETH to fall lower than $,1786. However, the extreme volatility indicated by BB showed that there might be significant price fluctuations in the short term.to $2,000 should not be ruled out as long as buying pressure remains present. This possibility was also reinforced by the On Balance Volume .
At press time, the OBV had risen to 24.33 million. This reflects positive volume that could later foreshadow higher prices.Victor is a full-time journalist at AMBCrypto. Before his sojourn into the world of journalism, he was a “buy the top, sell the bottom” merchant while doubling as a sales funnel copywriter. Victor’s focus is the exciting on-chain landscape of the cryptocurrency market and its underlying technology. His other interests include politics, Afrobeats, sports, and marketing.