Ethereum up against the wall – The price of Bitcoin is lateralizing between resistance at $37,500 and support at $35,800. For the moment, the price is oscillating between these two limits, and BTC has not marked a new high in 2023 since November 9. For its part, Ethereum is stuck at the resistance level at $2,100. While resistance is holding the price, many operators are currently in profit. Could bullish volatility arise for the prince of cryptocurrencies? Let’s look at the Ethereum situation.
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Ethereum price stagnates in 24 hours
Ethereum cannot break the resistance at $2,100 For now. In fact, the price of Ethereum stagnates in 24 hours :
| 1H | 0.21% | 0.26% | 0.26% |
| 24H | 0.37% | 0.63% | 0.63% |
| 7D | 2.28% | 5.75% | 5.73% |
| 1M | 6.60% | 18.16% | 18.12% |
| 3M | -12.35% | 26.41% | 26.40% |
| 6M | -17.93% | 13.41% | 13.31% |
Ethereum outperforms Bitcoin over the last month of 6.60% while the price of ETH in USD increased by 18.12%.
Ethereum performance against different pairs. Source: Coincheckup
In one week, the course is in increase of almost 6%. Also, in one month, it displays a increase of almost 20%. Faced with Bitcoin, Ethereum regains color. It displays a increase of 2.3% in one weekand an increase of almost 7% in one month.
A large majority of operators are profitable on Ethereum
BTC sets new highs in 2023, and more than 80% of the circulating supply is in profit. For its part, Ethereum is struggling to exceed the last high marked at $2,150 on April 16. In the middle of October, less than 40% of operators were in profit about the prince of cryptocurrencies. The situation has changed a lot since back to $2,100 :
Currently, Glassnode data shows that there are 75% of operators in profit. On November 15, more than 80% of the circulating supply was in profit. Outside of bull markets, the metric rarely returns beyond 80%. From this level, we often notice slowdownsor even market tops. Despite everything, will the prince of cryptocurrencies succeed in break resistance at $2,100 ?
Ethereum price attempts to break resistance at $2,100
Buyers are once again trying to break the resistance at $2,100. The course was done dismiss several times at this level in recent weeks:
A break in the resistance could bring the price back to the level of the next resistance at $2,320. On the other hand, a rejection could send the course to the level of support at $2,000. The breakage of the bearish trendline brought some bullish volatility, and the trend seems not to run out of steam in 4 hours. This time, the resistance will give in? THE buyers benefit from momentum in 4 hours.
Buyers are once again trying to force sellers to yield at the resistance level at $2,100. If it gives way, the price could rise to the next resistance at $2,100. While the price has still not reached a new high in 2023 since April, a large majority of operators are now in profit. This is a level of profit at which the price tends to run out of steam outside of bull markets. As Ethereum attempts to break resistance at $2,100, Render (RNDR) is making new highs in 2023.
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