Data shows strong support between $ 209 and $ 216 at Ethereum
Ethereum has been at the forefront of aggregate crypto markets in the past few days and weeks. Last week's surge above resistance at 200 offered dollar to investors an indication that Bitcoin would be able to resist the main resistance at 10. 000 Break through dollar.
After Bitcoin's nightly break below the important five-digit price level, however, Ethereum has shown some signs of weakness as the cryptocurrency is now approaching an important support zone.
How ETH will react to this level will provide critical insights into the next market development, as a resolute defense of this level could signal that a continuation of the recent upward trend is imminent.
Ethereum is declining slightly after Bitcoin under 10. 000 Dollar has collapsed
At the time of writing, Ethereum is trading at its current price at 219 dollars , marking a remarkable drop from yesterday's daily highs of just over 230 dollars.
It is important to mention that the rise in ETH from its lows of 185 $ to recent highs, mostly over a three day period as the uptrend turned into a sideways trend as it roughly 220 $ reached.
Luke Martin, a prominent crypto analyst on Twitter, spoke about it in a recent tweet and explained that ETH was able to show an outbreak on its weekly chart, suggesting a defense from $ 220 could mean that further upward movements are imminent.
“The ETH saw a breakout on the weekly chart. In a smaller time frame, it looks like the price is testing the broken resistance again as support, ”he noted.”
$ ETH was able to breakout on the weekly chart.
On smaller timeframes it looks like price is retesting the broken resistance as support. pic.twitter.com/MJGzRCGfZK
– Luke Martin (@VentureCoinist) February 10, 2020
data suggest that ETH has a massive buying pressure between 209 and 216 dollars has
If the Ethereum bulls in the near future do not exceed $ 220 , the downtrend is unlikely to be too deep as IntoTheBlock data shows that a significant number of investors hold positions between $ 209 and $ 216, which indicates that this is a strong support zone.
“But what if the price of Ethereum starts to drop? The IOMAP analysis shows that ETH has strong support in the range between $ 209 and $ 216 has since 838. 000 Addresses 4, 02 million bought ”, they stated with reference to the data point below.
5) But what if the price of #Ethereum starts declining?
The IOMAP analysis reveals that ETH has a strong support level at the range of $ 209 to $ 216, where 838 k addresses bought 4. 02 m $ ETH pic.twitter.com/DIZUBCYOOU
– intotheblock (@intotheblock) February 10, 2020
Proof of text: newsbtc