The recent price momentum that we see in the Ethereum market is nothing less than exciting. Don’t you think so? Earlier today, the Ethereum price climbed above the mark of $2,400. Though it slipped below the mark later, it is still notable as a momentum worth mentioning. A crypto trading expert has something more to say about the current price momentum in Ethereum. Let’s listen to what he has to say.
Ethereum Price Momentum: What Expert Thinks
The post, recently shared by cryptocurrency expert Michael van de Poppe in the X platform, discusses extensively the current price momentum in the Ethereum market. It calls the upward momentum, that Ethereum witnessed earlier today, a positive development.
The post expresses his confusion about the recent correction in the Ethereum market. Recently, the Ethereum price slipped much deeper than expected.
Though corrections are not unusual in market movements, when a market experiences a deeper correction than expected, it may be an indication of an upcoming crisis.
Ethereum’s Crucial Price Level to Watch in Future
The post asserts that it is important for Ethereum to stay above the mark of $2,400. It seems that the expert considers the level of $2,400 to be a crucial support level that can determine the destiny of Ethereum – whether the market will go up or fall down.
The post concludes by giving a strong hint about a major breakout the market can expect anytime soon. It predicts that once the price of Ethereum breaks through the resistance level of $2,450, the market will see a major breakout.
Ethereum Market Landscape: A General Overview
The Ethereum price now stands at $2,390.38. In the last 30-days, it has seen a mild fall of 2.9%. On the first day of the month, the market witnessed the formation of a red candlestick. On the second day, a small sign of recovery emerged, as sellers outperformed buyers, taking the price from $2,423.60 to $2,536.32. On September 3rd, the situation turned upside down, pushing the price down to $2,423.60. Although sellers attempted to push the price up yesterday, they failed to pump it anywhere near the opening price of the day before yesterday. Today, even though the market showed some signs of recovery in the earlier half, the price is still moving downwards.
In conclusion, it is important for the Ethereum market to remain close to the range of $2,400. Ethereum investors are closely watching whether the price will climb above the range of $2,450 today. If that happens, we are going to witness something surprising. That’s for sure! What do you think?
Read Also: Bitcoin Selloff: Why Major Institutions Are Selling Bitcoin?
Source: https://coinpedia.org/news/ethereum-price-analysis-key-levels-to-watch-amidst-recent-volatility/