Ethereum (ETH) has recently shown signs of resilience as it defended a crucial support level at $2,130. This price point has proven significant for Ethereum bulls, and their ability to maintain it suggests a promising outlook for the digital asset. This update also comes with insights from prominent figures in the crypto space, including Crypto Tony and Lark Davis.
Crypto Tony, a seasoned crypto and NFT investor and trader, closely monitors Ethereum’s performance. He pointed out that the $2,130 support zone has been pivotal in Ethereum’s recent trajectory. The fact that the bulls managed to hold this level is a positive sign for the cryptocurrency market. According to Tony, this support level could pave the way for another bullish run towards previous highs, instilling confidence among investors and traders.
Entrepreneur and Bitcoin investor Lark Davis echoed the bullish sentiment surrounding Ethereum. He highlighted the concept of a “bullish retest” in the context of Ethereum’s recent breakout. This retest effectively transformed previous resistance into support, a common pattern in bullish trends.
CoinGecko, a reputable cryptocurrency data platform, reported that Ethereum’s price has experienced a notable increase. As of the latest data, Ethereum is trading at $2,247.35, marking a 4.70% surge in the past 24 hours and a 0.50% increase over the past week. With a circulating supply of 120 million ETH, Ethereum boasts a market capitalization of $269,908,524,840. These statistics indicate growing interest and investment in the digital asset.
Looking at the technical aspect, the Short-Term Elliott Wave View provided an in-depth analysis of Ethereum’s recent price movements. The report suggested that Ethereum has completed wave (3) at $2,401.18 and is currently in a pullback phase in wave (4).
This pullback unfolds as a double three Elliott Wave structure, a pattern that could indicate future price movements. The analysis identifies key support and resistance levels, offering valuable insights for traders and investors.
