Ethereum\u2019s price action has been closely mirroring that of Bitcoin\u2019s in recent times, which has made it prone to seeing heightened levels of selling pressure in spite of ETH’s multiple recent attempts to break above its long-established resistance level at $190.<\/p>\n
This selling pressure has sent ETH down to the lower-$180 region while also causing it to form some fresh resistance levels directly above its current price, which could send it reeling 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 $183, which marks a slight climb from its recent lows of under $180 that were set yesterday.<\/p>\n Ethereum\u2019s<\/a> ability to post a strong and swift bound after its brief drop below $180 signals that this is a strong short-term support level that will likely continue to hold so long as Bitcoin doesn\u2019t incur any significant selling pressure in the near-term.<\/p>\n Ethereum\u2019s price action has been strikingly similar to Bitcoin\u2019s over the past couple of days, and BTC is currently consolidating around $8,500, which appears to be its current support level that bulls are attempting to defend.<\/p>\n Ethereum\u2019s ability to stabilize within the lower-$180 region comes as it faces increasing on-chain volume, which surged over 30% in the past 24-hours.<\/p>\n \u201c24H #ETH Network Stats: Price: $181.76 (-1.9%) $ETH On-Chain Volume: $324M (+32.3%) Active Senders: 209K (-6.1%) Active Recipients: 94K (-0.4%),\u201d TokenAnalyst, a popular analytics group, explained in a recent tweet.<\/p><\/blockquote>\n \ud83d\udce2 24H #ETH<\/a> Network Stats:<\/p>\n \ud83d\udcb2 Price: $181.76 (-1.9%) Visit https:\/\/t.co\/u90eafzR5J<\/a> for more info<\/p>\n — TokenAnalyst (@thetokenanalyst) November 16, 2019<\/a><\/p><\/blockquote>\n\n
\ud83d\udcb5 $ETH<\/a> On-Chain Volume: $324M (+32.3%)
\ud83d\udc48 Active Senders: 209K (-6.1%)
\ud83d\udc49 Active Recipients: 94K (-0.4%)<\/p>\n