Despite the recent downturn in Ethereum prices, investors remain in a “greedy” position. Ethereum is holding a horizontal support point at around $1925. This comes after a dynamic 24-hour trading period where the price oscillated between $1940.08 and $2018.93, currently standing at $1989.80 – representing a 1.2% increase compared to the previous day.
The current market cap is approximately $239 billion with a significant 24-hour trading volume of $23 billion, presenting potential buying opportunities. Horizontal support is a crucial concept in cryptocurrency trading, indicating the price level at which the downtrend is expected to pause due to demand concentration.
As Ethereum approaches this key level, investors and traders closely monitor its movement for potential buying opportunities or signs of further price decline. Despite recent volatility, Ethereum’s current sentiment remains in the “greedy” territory, with the Fear and Greed Index for Ethereum at 56, indicating ongoing market optimism.
Despite the recent fluctuations, Ethereum has surged by 66% since the beginning of the year, potentially contributing to prevailing investor optimism, even as the cryptocurrency approaches the horizontal support level. Ethereum has exhibited mixed performance over different periods, with a 2.84% decline over 5 days, an 11.34% increase over the past month, and an 18.20% increase over the past three months.
Disclaimer: The information provided is not financial advice. Chinwa.tech does not take any responsibility for investments made based on the information provided in this article. We recommend consulting a qualified specialist or financial advisor before making any investment decisions.