- ETH surpassed the supply wall between $1,972 and $2,030, rising as high as $2,127.
- Traders are targeting an upward movement for ETH in the region of $2,153.
Ethereum’s [ETH] movement on the chart was one that attracted a lot of criticism due to its inability to match Bitcoin’s [BTC] uptrend over the last few weeks. But all that changed on the 9th of November as the coin price climbed above $2,000.
Many attributed the surge in price to the BlackRock Ethereum ETF filing which the public got wind of the same day. This macroeconomic factor surely had an impact on the price increase. But a few hours after ETH hit $2,042, it retraced back to $2,004.
ETH breaks down the wall
In between ETH’s rise and fall, analyst Ali Martinez revealed that there was a supply wall between $1,972 and $2,030.
A supply wall is described as a price level where there is a significant accumulation of an asset, illustrating weaker selling pressure for the coin in question.
#Ethereum is attempting to overcome an important supply wall between $1,972 and $2,030, where 651,000 addresses had previously purchased 33.5 million $ETH.
Notice that there is no other major supply wall ahead of #ETH until $2,500.
Go to Source to See Full Article
Author: Victor OlanrewajuDid you like this?
Tip BTC Newswire with CryptocurrencyDonate Bitcoin to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some bitcoin:Donate Bitcoin Cash to BTC Newswire
Scan the QR code or copy the address below into your wallet to send bitcoin:Donate Ethereum to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some Ether:Donate Litecoin to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some Litecoin:Donate Monero to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some Monero:Donate ZCash to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some ZCash:
