Ethereum (ETH) Price Nears Key Support Level

According to the latest data from 100eyes Crypto Scanner, Ethereum is approaching a horizontal support point at around $1,925. 

This follows a dynamic 24-hour trading period where Ethereum's price fluctuated between $1,940.08 and $2,018.93, currently standing at $1,989.80. 

This represents a 1.2% increase compared to the previous day, with its market capitalization now at approximately $239 billion and a substantial 24-hour trading volume of $23 billion.

More buying opportunities?   

Horizontal support is a significant concept in the trading of cryptocurrencies. It refers to a price level at which a downward trend is expected to pause due to a concentration of demand. 

Now that Ethereum nears this key level of $1,925, investors and traders are closely monitoring its movement for potential buying opportunities or signs of a further price drop. 

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Traders are still greedy  

Despite this, Ethereum's current sentiment remains in 'greed' territory, with the Ethereum Fear and Greed Index indicating a score of 56 — suggesting that market sentiment is still optimistic.

Despite recent fluctuations, ETH is up by 66% since the beginning of the year. This robust increase is a potential factor contributing to the prevailing optimistic sentiment among investors, even as the cryptocurrency approaches its horizontal support level. 

Ethereum's performance over various periods has shown a mixed trend, with a 5-day decrease of 2.84% but an 11.34% rise over the past month and an 18.20% increase in the last three months.