- Overcoming the $1,960 resistance could lead to a surge above $2,000.
- The OBV reflects a higher volume which could trigger an uptick.
For Ethereum [ETH], the last seven days have been impressive, thanks to a 10.24% price increase. However, the double-digit hike has stalled, as ETH dropped to $1,780 in the last 24 hours. Regardless of the decline, the broader market is still positive that the coin will find its way to $2,000 very soon.
How much are 1,10,100 ETHs worth today?
ETH needs to break down the obstacle
According to Ali Martinez, an analyst, ETH needs to overcome the huge supply at $1,960 before it can break out. Martinez noted that it was important to break down the wall at the said value because of the number of coins bought at the price.
The analyst noted that about 33 million ETH were accumulated by 1.14 million addresses at $1,960. Because of the buying concentration at this point, ETH has formed a resistance there.
Wen #Ethereum break out?
Well, you may need to wait for $ETH to overcome the huge supply wall at $1,960. Here, 1.14 million addresses bought nearly 33 million #ETH, according to @intotheblock. pi
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Author: Victor Olanrewaju
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