Ethereum

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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-price-rebounds-and-market-outlook/" data-wpel-link="internal">Ethereum Price Rebounds and Market Outlook</a> 
<a href="https://en.coin-turk.com/increased-interest-in-binances-beth/" data-wpel-link="internal">Ethereum</a> (ETH) had experienced a price correction a few days ago, resulting in a drop below the $2,300 level. However, as of the time of writing, it has returned above the significant support region of $2,300 and has risen to $2,320. Staying below the mentioned level could have been disastrous, yet things could turn in favor of investors shortly. 
<h2 style="text-align: justify" id="ethereum-commentary-and-current-status">Ethereum Commentary and Current Status</h2> 
Ethereum’s price had risen to $2,380 on January 31st. However, after reaching this level, it quickly underwent a clear correction, falling below $2,300. 
According to data from 21milyon.com, following a 1% increase in ETH’s price in recent hours, the price has returned above the $2,300 level. The overall volume of ETH also saw a near 2% increase, rising above the $275 billion mark again. 
A comment on ETH’s price movement was also made on February 4th by analyst Michael van de Poppe. The analyst indicated a critical support level for ETH, noting that it has vital support at the $2,150 region and reiterated a target of $3,000 for the second quarter if it stays above this level. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-311132" src="https://coin-turk.com/wp-content/uploads/2024/02/van-de-poppe-coin-turk-com.jpg" alt="" width="549" height="512"> 
Nevertheless, as of the time of writing, other data besides the price did not look too favorable for ETH. According to Santiment’s data, both ETH’s Coinbase and Korean premiums were reflecting a negative outlook. 
This situation could be interpreted as a reflection of the dominant selling sentiment among American and Korean investors in the market at the time of writing. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-311133" src="https://coin-turk.com/wp-content/uploads/2024/02/us-kore-coin-turk-com.jpg" alt="" width="780" height="201"> 
<h2 style="text-align: justify" id="latest-ethereum-update">Latest Ethereum Update</h2> 
Taking a closer look at Ethereum’s price, it appears to have risen by 1.36% in the last 24 hours to $2,320. At the same time, there was also a 1.36% increase in market volume, settling at $278 billion. 
While all this was happening, there was an increase of over 40% in trading volume. As a result of this increase, the 24-hour trading volume was trending above $6 billion. 
On the other hand, according to data from Hyblock Capital, before a potential decline to ETH’s $2,150 support level, it could encounter another strong support level in the $2,200 region. Looking back at ETH’s history, when the token’s price reached this point in November 2023, it had moved upwards. 
<img loading="lazy" decoding="async" loading="lazy" class="size-full wp-image-311134 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/eth-heat-map.jpg" alt="" width="782" height="401"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-price-rebounds-and-market-outlook/" data-wpel-link="internal">Ethereum Price Rebounds and Market Outlook</a></h5>

Ethereum Price Rebounds and Market Outlook

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