Ethereum (CRYPTO: ETH), the second-largest cryptocurrency, must hold above a key price level before its price can potentially move over the $1,500 mark, according to a popular analyst.
What happened: According to crypto trader Michaël van de Poppe, Ethereum’s price must sustain above $1,150 if it is to surge to $1,330 and then $1,550 in the near future. He emphasized the crucial importance of breaking the $1,200 mark.
Looking at #Ethereum like this.
— Michaël van de Poppe (@CryptoMichNL) November 24, 2022
Preferably want to see it sustain above $1,150. pic.twitter.com/QdDhPFiQRi
See More: Best Crypto Apps
When the demand for an asset is equal to the supply at a certain price point, that point is known as a resistance level.
ETH dropped from around $1,500 to a low near the $1,000 mark over the last 15 days amid the FTX (CRYPTO: FTT) collapse that sent shockwaves in the crypto market.
Despite bearish signs, the biggest of Ethereum holders continue accumulating and growing their ranks. Glassnode data reveals the number of Ethereum addresses holding at least 10,000 ETH are worth nearly $1.2 million as of press time.
Price Action: At the time of writing, ETH is trading at $1,181 down 1.56% in the last 24 hours, according to Benzinga Pro data.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!