After a long period of trading sideways within the mid-$180 region, Ethereum (ETH) has now begun to incur significant upwards momentum that has pushed it up to $190, which is where it faces some notable resistance that could ultimately push its price lower in the near-term.<\/p>\n
Analysts are now noting that this resistance level could halt Ethereum\u2019s rally and possibly lead it to drop significantly lower in the near-term.<\/p>\n
At the time of writing, Ethereum<\/a> is trading up over 2% at its current price<\/a> of $190, which marks a notable climb from its daily lows of $184 that were set during a fleeting sell off experienced by the cryptocurrency yesterday.<\/p>\n It is important to note that Ethereum is currently pushing up against the price level at which it was rejected at in late-October, which sparked a sell-off that sent it down to the lower-$180 region.<\/p>\n This upwards movement has come about while Bitcoin continues to trade sideways in the lower-$9,000 region, which is squarely in the middle of the trading range that it has been caught within for the past several days and weeks.<\/p>\n One interesting fact that should be observed is that the recent ETH<\/a> rally has been driven by a massive influx of on-chain trading volume, which has surged over 80% in the past 24-hours according to data from TokenAnalyst.<\/p>\n \u201c24H #ETH Network Stats: Price: $184.25 (+1.0%). $ETH On-Chain Volume: $400M (+80.8%). Active Senders: 211K (+13.9%). Active Recipients: 97K (+14.2%),\u201d the data group explained in a recent tweet.<\/p><\/blockquote>\n \ud83d\udce2 24H #ETH<\/a> Network Stats:<\/p>\n \ud83d\udcb2 Price: $184.25 (+1.0%) Visit https:\/\/t.co\/u90eafzR5J<\/a> for more info<\/p>\n — TokenAnalyst (@thetokenanalyst) November 5, 2019<\/a><\/p><\/blockquote>\n\n
\ud83d\udcb5 $ETH<\/a> On-Chain Volume: $400M (+80.8%)
\ud83d\udc48 Active Senders: 211K (+13.9%)
\ud83d\udc49 Active Recipients: 97K (+14.2%)<\/p>\n