Ethereum’s recent market activity has introduced a sense of uncertainty, with the price consolidating within a narrow range and lacking a clear direction. The situation becomes pivotal if the price manages to surpass the 200-day moving average, indicating the potential for a significant surge.Examining the daily chart, Ethereum encountered a substantial resistance zone at the 200-day moving average, positioned at $1.8K. This led to a sideways consolidation phase marked by slight volatility.
Furthermore, Ethereum appears confined within a pivotal range, bordered by the static support area at $1.7K and the significant resistance at $1.8K. Simultaneously, the open interest metric, indicating the number of active futures positions, has witnessed an uptrend, reaching its prior high. This suggests the possibility of increased market volatility as both long and short positions face a higher risk of liquidation.
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Source: Utoday_en - 🏆 295. / 63 Read more »