- Ethereum’s social impact has increased to its highest level since February.
- The main barrier is still the $1,700 mark, which the ETH price failed to break earlier today.
The overall crypto market has witnessed brief recovery as the price of Bitcoin along with major altcoins are trading in green. This for the time being puts a halt on the recent bloodbath which brought the prices of almost all cryptocurrencies to record lows. Bitcoin is now trading at $26,505 and is up 1.63% in the last 24 hours. Moreover, ETH as per data from CMC is trading at $1,675 and is up 1.84%. The recent ETH price decline was one of the most dramatic this year, sending the price all the way to the $1600 mark.
Using a seven-day moving average, market intelligence platform Santiment pointed out that Ethereum’s social impact has increased to its highest level since February, despite the coin’s recent decrease in value. This uptick reflected a general trend toward more discussion about the altcoin, which often comes before a price increase. Fear, uncertainty, and doubt (FUD) might be at the heart of most of these debates. Santiment, though, sees a bright side to the metrics.
Bulls Trying Hard
The main barrier is still the $1,700 mark. If the price is able to close above this level of resistance, it might signal the start of a sustained uptrend. The ETH price hit $1695 earlier today. However, it was met with robust selling pressure, and the price dropped to the $1660 range.
The first major support comes in at $1,580 on the downside. If the price of ETH falls below $1,580, more losses are probable. Important subsequent support comes in at $1,550. Were it to break this level, the price may reach $1,520 or perhaps go below $1,500.
