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- Ethereum’s social influence has risen to its highest point since February.
- The primary obstacle remains the $1,700 threshold, which the ETH price was unable to surpass earlier today.
The broader cryptocurrency market has experienced a temporary rebound, with Bitcoin and several major altcoins trading in positive territory. This development momentarily halts the recent downturn that had driven the prices of nearly all cryptocurrencies to unprecedented lows. Bitcoin is currently priced at $26,505, reflecting a 1.63% increase over the past 24 hours. Additionally, according to data from CMC, ETH is trading at $1,675, marking a 1.84% rise. The recent decline in ETH’s price was among the most significant this year, plummeting to the $1,600 level.
According to a seven-day moving average, market intelligence platform Santiment noted that Ethereum’s social influence has surged to its highest level since February, despite the recent drop in its value. This increase indicates a broader trend of heightened discussion surrounding the altcoin, which often precedes a price rise. Fear, uncertainty, and doubt (FUD) may be central to many of these conversations. However, Santiment identifies a positive aspect in the metrics.
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The primary obstacle continues to be the $1,700 level. Should the price manage to close above this resistance point, it could indicate the beginning of a prolonged upward trend. Earlier today, the ETH price reached $1,695 but faced significant selling pressure, causing it to retreat to the $1,660 range.
Source: CoinMarketCap
The initial major support level is located at $1,580 on the downside. If ETH’s price drops below $1,580, further losses are likely. The next significant support level is at $1,550. If this level is breached, the price could decline to $1,520 or potentially fall below $1,500.
