Ethereum Price Surges After Holding Key Support Level at $2,477
Global economic tensions and trade disputes are impacting cryptocurrency markets. ETH is showing resilience amid uncertainty.
Current price is navigating a critical technical zone between $2,500-$2,530, identified as immediate resistance for upward movement.
Institutional interest in ETH remains strong, with spot Ethereum ETFs experiencing positive inflows, indicating confidence from larger investors despite volatility.
Technical Analysis Highlights
- 24-hour ETH price action showed a 3.5% range ($99.85).
- A sharp sell-off saw price drop to $2,477.40, establishing key support.
- Volume of 291,395 units confirmed the significance of this support level.
- Buyers entered at the $2,467-$2,480 support band, with high-volume accumulation noted.
- ETH recently regained the $2,515 level, showing bullish momentum.
- A potential higher low pattern suggests a bottom may have been reached.
- The $2,520-$2,530 area remains immediate resistance to overcome.
- A surge at 13:35 saw price jump from $2,515.85 to $2,521.79 with exceptional volume (5,839 units).
- A reversal occurred at 14:00, dropping 5.07 points to $2,508.02 on heavy volume (4,043 units).
- Hourly range of 14.46 points ($2,508.02-$2,522.48) indicates market indecision.
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