The post Will Bullish Momentum Break the Resistance Zone? appeared on BitcoinEthereumNews.com.

Currently, Ethereum is trading at about $3,190, within touching distance of the $3,200 mark, which has been critical in the past as a significant demand zone. The IOMAP (In/Out of the Money Around Price) chart points out important information regarding potential support and resistant regions corresponding to this price level. Ethereum’s recent surge has propelled it to just below the $3,000 mark, a historically significant demand zone. While such levels often act as resistance, the strong bullish sentiment may reduce this effect, paving the way for further gains. pic.twitter.com/gOejqOWygp — IntoTheBlock (@intotheblock) November 8, 2024 Key Demand Zones and Resistance Levels This is because the IOMAP chart clearly shows ‘in-the-money’ and ‘out-of-the-money’ addresses that indicate where investors are situated regarding existing prices. There are evident groups below $3000, which shows people who bought the token at prices ranging from $2,478.73 to $2,922.82. These green circles, which depict ‘in the money areas, point to strong buying demand below $3000, which could support prices in case of a pullback. Nonetheless, between the amount of $3,008.77 and $3,362.13, the red circles represent “out of the money” addresses, where individuals who own Ethereum are trading at a loss. This range is an essential support area where investors may decide to exit at breakeven, putting pressure on the token when it tries to break the $3k level. Bullish Sentiment May Drive a Breakthrough As IntoTheBlock pointed out in their chart, the bullish pressure at the moment shows that Ethereum may be able to break resistance, which is often encountered near historically significant price zones. This bullish sentiment, coupled with the recent increased demand, might reduce the strength of a resistance level, thus enabling ETH to surpass $3,000 more easily than in past attempts.  What’s Next for Ethereum? However, if Ethereum is able to not only…

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Filed under: News - @ November 10, 2024 2:12 pm