A popular cryptocurrency analyst has pointed out that Ethereum ($ETH), the second-largest cryptocurrency by market capitalization, must hold above a key price level before its price can potentially move over the $1,500 mark.
According to popular trader Michaël van de Poppe, Ethereum’s price must remain above the $1,500 mark if it is to surge to the $1,330 and later on to the $1,550 mark in the near future. The cryptocurrency, he said, has “crucial resistance” to break the $1,200 level.
A resistance level, it’s worth noting, is one in which supply outlasts demand, as more investors are willing to sell the asset at that price and buyers aren’t able to meet demand. Resistance levels can be created for a number of reasons, including buyer reluctance, for example.
Ethereum is at the time of writing trading close to that resistance level, after spending most of the past 24-hour period trying to break it. Over the last 30 days the cryptocurrency plunged from around $1,500 to a low near the $1,000 mark before it slowly started recovering.
As CryptoGlobe reported, the largest whales on the $ETH network have added over $1 billion worth of the second-largest cryptocurrency by market capitalization in a single day as they continue “rapidly” accumulating the cryptocurrency after its price dropped significantly.
According to on-chain analytics firm Santiment, whales with between 10,000 and 1 million $ETH have added a total of 947,940 tokens to their wallets in a single day, meaning their accumulation topped $1 billion in just 24 hours.
Cryptocurrency investors have been moving their funds off of exchanges in the wake of FTX’s collapse, which occurred after the trading platform invested user funds and failed to honor withdrawals during a bank run.
As CryptoGlobe reported, October was a terrific month for the second-largest cryptocurrency by market capitalization, as even during a challenging macroeconomic environment Ethereum saw its price surge by 18.4% after several positive developments for the cryptocurrency.
According to CryptoCompare’s latest Asset Report, during the month of October, the price of Ethereum rose 18.4% while the flagship cryptocurrency Bitcoin rose 5.49. The S&P 500 index, meanwhile, rose by 5.26%, while the NASDAQ rose by 1.56%.
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