The price of Ethereum is approaching a particularly significant high for its price action, as crypto traders become increasingly optimistic.
The enthusiasm regarding the recent restart of the world of decentralized financeseems to persist, with Ethereum and Bitcoin near the highs of the year. After a few negative sessions, the result of some passing fears, the price of the tokens of the two leading projects in the sector has once again excited crypto investors. In particular, Ethereum is a hot topic right now, as the price of ETH seems to be getting closer and closer to its two-year highs.
Does it make sense to expect, therefore, the breakdown of this technical level?
Ethereum: towards new highs?
The price of ETH continues its unstoppable rise, driven by a marked increase in the sentiment of market operators, as highlighted by the FEAR & GREED indicator recently reaching 72, exceeding the first threshold of positivity. This moment represents a period of strong media support for the entire cryptocurrency world. In particular, regarding Ethereum, interest and trading volumes have grown significantly with the recent upward break, once again, of the $2,000 threshold.
The recovery of Ethereum has also triggered a positive effect on numerous alternative tokens, especially those linked to the Ethereum blockchain: several altcoins have surpassed their highs of the year. Among operators in the sector, we are already hearing talk of a possible altseason. Many news stories contribute to this atmosphere of positivity, including the much-discussed ETF on ETH proposed by BlackRock and the recent election of Javier Milei, a well-known supporter of Bitcoin and alternative finances.
At the same time, decentralized finance seems to have regained momentum, with an increase, albeit moderate, in the turnover of the main projects. In short, the cryptocurrency landscape seems to have definitively overcome a phase of stasis, opening the doors to new developments and twists, a dynamic which, as is known, characterizes this constantly evolving market.
ETH: a look at the graph
By now, ETH is in the spotlight, with the price of ETH/USD sitting at the crucial resistance of the last two years: the value of $2,140. This represents, not surprisingly, the technical obstacle immediately following the value of $2,000, considered by many as the true point of control (POC) for the price action of ETH. Despite this, the real reference point is the first level and its break could trigger a sharp increase in volatility, resulting in significant price movements.
Numerous orders are currently placed on that level, and it has all the characteristics necessary to cause a considerable increase in lateral volumes. Its breakdown, therefore, could be accompanied by a significant increase in trading activity and more intense market dynamics.
- ETH/USD, 1D
- Source: TeleTrader
Original article published on Money.it Italy 2023-11-27 17:43:40. Original title: Ethereum (ETH) riuscirà a rompere i massimi dell’anno?
