Despite the limited volatility seen in the cryptocurrency market, Ethereum (ETH) price has surpassed $2,000, testing levels last seen in May. After this price movement, the king of altcoins has been trying to determine its direction with limited price movements. The post Ethereum...
Ethereum Price Analysis
After a stable decline lasting more than a week that started around $2,000, the Ethereum price fell to the support trend line (blue line) of the wedge formation. On the daily timeframe, it can be seen that short-bodied price rejection candles were burned on both the resistance trend line and the support trend line of the wedge formation. All these candles reflect the uncertainty in investor sentiment.
The support trend line that has been present for a long time and supported the price, as well as the 200-day EMA (Exponential Moving Average), can make the level around $1,776 a strong bounce point for buyers. The probability of the price bouncing from $1,776 is much higher than the probability of sellers breaking this support level with a low downward momentum. This makes this level an important buying point for ETH.
How Much is Ethereum Worth? Live Ethereum Price
According to the data provided by cryptocurrency data platform CoinMarketCap (CMC), Ethereum, the largest altcoin with a market capitalization of $227.44 billion, is currently trading at $1,891 against the US dollar with a 0.13% increase during the day. The value of Ethereum against the Turkish lira is at 50,966.