Ethereum

Rally

Bank AI

<ul>
 <li><strong>Ethereum trading volume is down 18% in 24 hours.</strong></li>
 <li><strong>$2,120 resistance is crucial for ETH’s sustained upward movement.</strong></li>
</ul>
<p>Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has demonstrated remarkable resilience in recent days. Amidst broader market uncertainty and fluctuations, ETH showcased a bullish <a href="https://thenewscrypto.com/ethereum-price-shows-signs-of-recovery-amidst-market-uncertainty/" rel="noopener noreferrer nofollow">rebound</a>, defying the downward trend that affected several other coins.</p>
<p>Over the past 24 hours, ETH surged by 4%, clawing back from recent losses and attempting to surpass the challenging resistance level of $2,100. This positive momentum came on the heels of a notable dip where ETH had fallen to around $1,900 in the previous week. However, concerns about market stability persist among investors, reflected in an 18% decline in trading volume over the same period.</p>
<p>The ongoing market fluctuations have coincided with a significant event in the crypto world – the upheaval at Binance, the largest cryptocurrency exchange. <a href="https://thenewscrypto.com/us-crackdown-on-binance-makes-ceo-resign/" rel="noopener noreferrer nofollow">Changpeng Zhao</a> “CZ”, the founder and former CEO of Binance, stepped down amidst legal turmoil. Zhao’s release on a $175 million bond followed allegations of violating financial regulations, specifically the Bank Secrecy Act, by allowing U.S. customers to trade on the platform without proper compliance checks.</p>
<p>While market sentiments remain cautious, there’s a noticeable trend among large ETH holders dubbed as “ETH Whales.” These major wallets have consistently increased their ETH holdings over the past year, with a significant surge recorded on Tuesday. It indicates growing confidence among big players in Ethereum’s potential.</p>
<h3 class="wp-block-heading" id="h-ethereum-bull-rally-soon">Ethereum Bull Rally Soon?</h3>
<p>Analyzing Ethereum’s price movements presents a bullish picture. The daily chart signals that the 9-day exponential moving average (EMA) is positioned below the current trading price of $2012. Despite this, the daily relative strength index (RSI) indicates conditions above the neutral mark, standing at 61.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="458" src="https://thenewscrypto.com/wp-content/uploads/2023/11/ETHUSDT_2023-11-23_14-00-11-1024x458.png" alt="" class="wp-image-86248" srcset="https://thenewscrypto.com/wp-content/uploads/2023/11/ETHUSDT_2023-11-23_14-00-11-1024x458.png 1024w, https://thenewscrypto.com/wp-content/uploads/2023/11/ETHUSDT_2023-11-23_14-00-11-300x134.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/11/ETHUSDT_2023-11-23_14-00-11-768x343.png 768w, https://thenewscrypto.com/wp-content/uploads/2023/11/ETHUSDT_2023-11-23_14-00-11.png 1515w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Ethereum Price Chart, Source: TradingView
  </figcaption>
 </figure>
</div>
<p>Key resistance levels at $2,120 pose a crucial challenge for Ethereum. Failure to surpass this resistance could lead to a fresh decline. Initial support is anticipated at around $2,050, followed by the pivotal $2,000 mark. It represents the 50% Fibonacci retracement level from recent swings.</p>
<p>Meanwhile, the primary support level rests at $1,980. A breach below this crucial support might trigger further downward movements, potentially driving ETH toward the $1,920 support zone in the near term.</p>

Ethereum Maintains $2000 Amidst Market Turmoil

Table of Contents

TheNewsCrypto

Other articles published on Nov 23, 2023

US DOJ files motion to block CZ’s return to UAE over flight risk concerns

Ethereum Whale Accumulation Pushes ETH Price Above $2,000

Why Did BlackRock Have a Recent Meeting With The US SEC?

TRON (TRX) Price Prediction: Will TRX Continue to Outperform?

Staking Earn Event!

User Pays Staggering $3.14M in Bitcoin Fees for Single Transaction

Join our free newsletter for daily crypto updates!