- ETH is currently trading hands at $1,634.76 after a 2.37% drop in price.
- $1,600 to $1,650 levels represents a significant area of support for ETH.
- 8 million ETH was bought between the price of $1,600 and $1,650.
The largest altcoin by market cap, Ethereum (ETH), is starting the day in the red. Data from CoinMarketCap indicates that ETH is currently trading hands at $1,634.76 after a 2.37% drop in price over the last 24 hours. The altcoin reached a high of $1,678.28 and a low of $1,615.06 over the same time period.
ETH also weakened against its biggest competitor, Bitcoin (BTC), by about 0.31% over the last day as well. It is also in the red by more than 1% over the last seven days.
ETH’s 24 hour trading volume is in the green zone and currently stands at $8,701,463,354 billion after more than 2% increase since yesterday. In terms of market cap, ETH currently stands at $199,859,159,771. The current circulating supply for ETH now stands at 122,373,866 ETH.
A crypto enthusiast took to Twitter on February 8 to share his own thoughts on the price of ETH and what the price of the altcoin could do in the coming days. According to the post, the $1,600 to $1,650 levels represents a significant area of support for ETH.
The on chain data on the post indicates that 1.94 million addresses bought 8 million ETH between the price of $1,600 and $1,650. The poster concluded by stating that it is very important for these demand walls to hold in order for the price of ETH to make further advances upwards.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
Post Views: 59
Source: https://coinedition.com/eth-needs-to-maintain-these-demand-walls-to-continue-moving-up/