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.
The top altcoin dropped in tandem with other major cryptocurrencies on Tuesday due to the bombshell Binance news.
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.
Godfrey Benjamin
Arman Shirinyan
