Ethereum is near mass resistance zone as on-chain volume surge

After a long period of negotiation within the mid-$180 regions. Ethereum (ETH) has now begun to accelerate significant growth, raising it to $190, where it faces a remarkable resistance that will eventually lead to its reduce the price. Short term.

Analysts are now analyzing whether this level of resistance could stop Ethereum's rebound and possibly lead to a significant reduction in the short term.

Ethereum runs towards $190

At the time of writing, Ethereum is trading more than 2% of its current value of $190, indicating a notable increase in its daily lows of $ 184 set during the fleeting sales experienced yesterday by the cryptocurrency. They were made.

It is important to keep in mind that Ethereum is currently pushing against the price level at which it rejected at the end of October. Which caused a massive sale that sent it to the lower zone of $180.

It has caused an upward movement, while Bitcoin continues to operate laterally in the region of $9,000 lower. At the center of the trading range it has held for the past few days and weeks.

An interesting fact that remains to be seen is that the recent rebound of ETH has been driven by a large influx of chain trading volume, which has increased by more than 80% in the last 24 hours according to TokenAnalyst figures.

"24H #ETH Network Stats: Price: $ 184.25 (+ 1.0%). $ ETH-Chain Volume: $400M (+ 80.8%). Active senders: 211K (+ 13.9%). Active recipients: 97K (+ 14.2%) , "The data group explained in a recent tweet.

ETH Nearing a Key Resistance Level that Could Result in a Rejection

Hornhair, a popular cryptocurrency analyst on Twitter, reported in a recent tweet that he believed that Ethereum could sink at least in the short term after a boost against its "general supply" level. Which is $190K exists around its current value.

"Low deadline of $ ETH: the price flowed and closed below the high at $187.5. It seems ready to return to the previous resistance at $ 184-185. Low term demand block shipping price through that level. It should serve as a long and solid entry, with the objective of general supply costs at $190 ”. He said, pointing to the graph below.
The way in which Ethereum reacts at this level in the coming hours and days will probably provide important information in which direction it will move.