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Ethereum (ETH) Price: Recovery Faces Resistance at $1,920 Level
The Ethereum market is currently facing a critical juncture as the price of ETH struggles to regain its footing after a major sell-off. Following the massive sale by an early adopter, which sparked concerns about shifting dynamics in the market, the price of ETH dropped 0.5% to $1,899.
As the market digests this recent event, technical indicators and sentiment have become increasingly mixed. The initial support level at $1,860 is still intact, but the trend line is now vulnerable after a breach below it. It’s essential for traders to monitor these developments closely as they may impact future price action.
ETH faces significant resistance at the $1,920 level, which has served as a major barrier in recent days. A break above this mark could potentially lead to an upward correction, but any failure to do so may see ETH continue its decline towards the $1,845 zone.
The market’s response to the options expiry and leverage concerns adds complexity to the current situation. The Ethereum market is extremely leveraged, with estimated long liquidations reaching a staggering $97.85 million in just 24 hours. This significant amount of capital has been wiped out, causing uncertainty and volatility.
As Ethereum continues its quest for recovery, it’s essential for traders to remain vigilant and closely monitor the price action around key levels.
Source: https://blockonomi.com/ethereum-eth-price-recovery-faces-resistance-at-1920-level/
