Ethereum Eyes Rebound After Severe Selling Pressure from Bears

• At the time of writing, ETH is trading at $2214, down 1.35% in the last 24 hours.
• If the price manages to go below $2143 then it will likely test $2080 support level.

The continuing upswing that started in the middle of October may be the beginning of a protracted bull market, according to crypto industry experts. During this time, stablecoins tend to flood the market. The majority of investors use stablecoins to buy and sell cryptocurrencies on exchanges.

An examination of DeFiLlama data indicates that, despite the substantial market gain, the total value of stablecoins did not exhibit a discernible rise. Currently, the aggregate market cap of all stablecoins in circulation was $129.5 billion, down from $139 billion in December 2022.

Although the price of Ethereum is currently volatile, the quantity of Ethereum on exchanges is still decreasing. This may mean that people are holding onto their Ethereum for the long haul. According to on-chain data provider Santiment, a substantial quantity of Ethereum was moved from major exchange wallets to smaller ones or removed entirely from exchanges as its price crossed $2,170.

A staggering 240,000 ETH was removed from these massive wallets in only one day, resulting in a 2.99% decline in the quantity of ETH available on exchanges.

Bulls Pushing Hard

At the time of writing, ETH is trading at $2214, down 1.35% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is 1.57%. After facing severe selling pressure, the price found support at $2127 and initiated a fresh rally.

If the price manages to go above $2221 level then it will likely test $2259 resistance level. Conversely, if the price manages to go below $2143 level then it will likely test $2080 support level.