Ethereum Shows Recovery with Strong Support at $2,300

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  • ETH trades above $2,350, showing signs of recovery and robust assistance. at $2,300.  
  • The market cap of Ethereum sees a slight growth, reaching about $282.8 billion.  
  • Traders are monitoring Ethereum closely as $2,300 holds as essential support with possible short sectors on the horizon.

Ethereum, the second-largest crypto by market capitalisation, is currently exchanging at $2,350.34, marking a 0.93% increase over the past 24 hours. This steady rise follows a period of swings, where the token briefly dipped to $2,334 before recovering. The daily trading volume for ETH has also seen an uptick, growing by 8.83% to reach $14,464,750,354.

Source: coinmarketcap

The market cap is now at roughly $282.8 billion, reflecting a 0.83% growth from the previous day. The circulating amount remains at 120,330,374 ETH, with the total quantity mirroring this figure.

In the broader market context, its cost trajectory over the last few hours shows a recovery trend. After touching a low point of $2,334, the price began to climb, reaching a peak just above $2,375 before stabilising around the prevailing stage. This bullish movement can be attributed to renewed buyer confidence, as well as a positive sentiment in the cryptocurrency market.

Ethereum Faces Key Resistance at $2,300: Traders Eye Short Positions

Ethereum’s price action is currently a hot topic among traders, as it hovers around the critical $2,300 level. According to recent market analysis shared by the Twitter user “@BTCbiaoduren,” Ethereum is experiencing a  major  purchase flow, with $2,300 now serving as a high support level. This development indicates a shift from the previous obstacle at $2,300, which had been a barrier for Ethereum’s upward travel.

The user notes that the present price level presents an order block, making it an area of interest for traders considering short positions. The sentiment is that with $2,300 holding as a support, there could be possibly  downward pressure, offering traders an opportunity to profit from a short sale. The technical analysis shared on the platform illustrates this perspective, showing a possible drop in Ethereum’s price after testing the $2,300 support level.

This insight comes at a time when the coin  has shown no movement  in the eonomy, trading slightly above $2,350. However, the presence of an order block at $2,300 suggests that there is still some selling tension that could influence value trends in the short term. Traders are advised to monitor this level closely, as any big plunge below $2,300 could lead to more slumps.

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