- summary:
- Etherum Price confirmed a support of more than $ 1500, preferably the momentum to remain in the upward direction in the near term.
PRICE ETAREUM is trading more than 1500 dollars for the sixth day in a row, which raises hope that it can reflect a large part of the registered decline by 50 %. The currency trades at 1634 dollars to this writing, with its daily gains by 0.65 %. It increased by 5.29 % last week, confirming the rise in the market.
Also, ETH has witnessed the closed total value of Defi (TVL) by 3.36 % in the past seven days to reach 55.265 billion dollars, according to Devilia data. This indicates the high benefit of the coin, which will increase the demand and provide the rear winds for the price. However, the trading volume in ETHEREUM has decreased by 22 % in the past 24 hours, indicating a decrease in the purchase momentum. These gains from ETH are likely to undergo in the short term.
Elsewhere, the Securities and Stock Exchange Committee delayed approval to go into Spot Spot Ethereum ETF. This took a big momentum away from Ethereum. In addition, Ethereum Spot ETF has not reported flows despite the newly discovered upscale momentum.
On Monday, the ETHEREUM Spot ETFS report witnessed a 3,760 report of ETH, translated into $ 6 million of external flows. This indicates the spread of suspicion among institutional investors, and the continuation of this trend can add the declining pressure to the price of ETHEREUM.
Predicting ETHEREUM price
ETHEREUM price is preferred at $ 1624, preferably the bullish momentum to the upward face. The ETH price is likely to meet the first resistance at $ 1,655, but the strongest momentum will collapse above this level and test 1678 dollars.
On the other hand, a break less than $ 1,624 will turn the momentum into the negative side. In this case, the first support is likely to be at $ 1,600. The collapse under this level will overlook the bullish narration. Also, the control extended by the sellers can take the basic procedure less to find the second support of $ 1,575.
