Ethereum Faces Brief Correction After Climbing Above $2400 Level

• At the time of writing, ETH is trading at $2363, down 1.63% in the last 24 hours.
• If the price manages to go below $2353 level, then it will likely test $2277 support level.

A strategic purchase of Solscan, the renowned block explorer of Solana, has been announced by Etherscan, a major Ethereum network block explorer, API, and analytics platform.

As stated in the release, the Solscan ecosystem is now officially a part of the Etherscan portfolio, including Bscscan, an explorer for the BNB Smart Chain. In the midst of the Solana ecosystem’s meteoric rise, the purchase by Etherscan guarantees long-term development with the support of a competent team.

Market analysts and community are amazed at the recent increase in Ethereum’s price. A positive trend in the cryptocurrency market caused Ether’s price to jump beyond the $2,400 level.

The recent surge of Ethereum is also a reaction to the growing interest in Bitcoin and the cryptocurrency sector as a whole. The price of the cryptocurrency has increased by an astounding 97.1% over the last year. This price surge follows a string of posts by Vitalik Buterin, co-founder of Ethereum, on Twitter, in which he detailed the revised plan for the blockchain in 2024.

Brief Correction Underway

At the time of writing, ETH is trading at $2363, down 1.63% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 2.08%. The price climbed all the way till $2428 yesterday, however it faced severe selling pressure.

Source: CoinMarketCap

If the price manages to go above $2393 level, then it will likely surge further to test $2428 resistance level. However, if the price manages to go below $2353 level, then it will likely test $2277 support level.