Ethereum Eyes Rebound After Severe Selling Pressure from Bears. Experts in the cryptocurrency business believe that the ongoing appreciation that began in the middle of October may be the beginning of a bull market that will last for a considerable amount of time. Additionally, stablecoins tend to flood the market around this time. Most investors utilize stablecoins to purchase and sell cryptocurrencies on exchanges.
As of December 2022, the total market capitalization of all stablecoins in circulation was $129.5 billion, a decrease from $139 billion on that date.
Even though the price of Ethereum remains uncertain at the moment, the quantity of Ethereum that is available on exchanges is further reducing. Ethereum Eyes Rebound This may indicate that individuals are keeping their Ethereum for the long run. Sentiment, a source of on-chain data, has reported that as the price of Ethereum surpassed $2,170, a sizeable portion of the cryptocurrency was either transferred from large exchange wallets to smaller ones or wholly removed from exchanges.
Bulls Pushing Hard
ETH is currently trading at $2214, which is a decrease of 1.35% over the previous twenty-four hours, according to data from CoinMarketCap. Additionally, the trading volume is 1.57% of the total. Following intense selling pressure, the price discovered support at $2127, which sparked a new rise towards higher prices.
If the price can break through the $2221 level, it will most likely try the $2259 level, which is a level of resistance. On the other hand, if the price falls below the $2143 level, it will most likely test the $2080 support level.