If the price manages to go past $1910 then it will likely move all the way to test $2000.
At the time of writing, ETH is trading at $1876, down 0.87% in the last 24 hours.
When comparing the blockchains with the highest total value locked (TVL) in DeFi, Ethereum, the leading altcoin and smart contract platform, had its TVL drop by 0.25%, to $24.05 billion, but it still leads the pack.
Moreover, according to CoinShares’ most recent weekly report, $767 million has flowed into digital asset investment products over the last six weeks. In the midst of this institutional money pouring into Bitcoin, Ethereum, had massive inflows of $17.5 million last week. Since August 2022, this was the highest investment into Ethereum digital products.
Ethereum has undergone a tremendous surge in value, rising about 14.29% in the previous 30 days, bolstered by the anticipation of Bitcoin ETFs approval by the U.S SEC. The average coin age indicator has also been on the rise during the last 180 days, in tandem with the rise in ETH values. This shows that ETH investors have not begun bulk dumping their holdings.
Striving Hard
At the time of writing, ETH is trading at $1876, down 0.87% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 8.85%. The price has been facing strong resistance around the $1910 area after finding support at $1783 level on November 3.
Source: CoinMarketCap
If the price manages to go past $1910 then it will likely move all the way to test the $2000 psychological barrier. Breakout above this level will likely see price testing $2127 resistance level. On the other hand, if the bears drive the price below the $1871 mark then the price will likely test the $1787 support level.