The price of ETH has increased by about 19% in the previous 7 days.
If price goes below $1770 level, then it will likely test $1671 support level.
Many altcoins are benefiting from the bullish sentiment in the crypto market caused by investors’ hopes that a Bitcoin ETF would be approved in the United States. According to statistics from CoinMarketCap, the price of ETH has increased by about 19% in the previous 7 days. Moreover, it has since found stability above the key psychological threshold of $1,800.
Wednesday marked a new 30-month high for Bitcoin’s (BTC) share of the cryptocurrency market, as BTC continues to outperform other altcoins. The BTC Dominance rate, which compares the market capitalization of the largest cryptocurrency to that of the entire digital asset market, recently hit 54.4%, its highest level since the euphoric bull run of April 2021.
Over the previous month, data reveals that BTC’s price increased by 31%. Meanwhile, ETH only gained 15.72%. Bitcoin’s price has doubled this year, while Ethereum’s has increased by almost 50%, but the difference is even more glaring when looking at the big picture.
Bulls in Control
At the time of writing, ETH is trading at $1842, up 3.95% in the last 24 hours as per data from CoinMarketCap. However, the trading volume is down 10.45%.
Source: CoinMarketCap
If the ETH price manages to maintain the current momentum and goes past the $1906 resistance area then it will likely go all the way till $2000 resistance level. Breaking above this mark, will likely drive the price to test $2123 resistance level.
On the other hand, if ETH price goes below $1770 level, then it will likely test $1671 support level. Further decline will likely see price testing $1610 support area.