The price of Ethereum soared to a high of the past few days, triggered by similar gains in the Bitcoin (BTC) market that emerged with a speculation about Amazon accepting Bitcoin as payment.
The emergence of such speculation has supported the price of the crypto market as a positive signal that has attracted the attention of investors.
‘Whale’ support continues to have a huge impact on the value of Ethereum.
Ethereum showed consistent price movement from last week by producing an 18% positive jump, thus producing a high of around the price of $ 2,433 in today's trading session.
Next, examine the current movement chart of the ETH/USDT price.
When the analysis article was released last week, ETH traded around $ 2,054, consistently producing over 18% positive jumps.
From a technical point of view, ETH has managed to pass the resistance zone around $ 2,360, but ETH has not been able to maintain consistent price movement in today's trading session until it sees a weak price movement or it is just a retracement.
Crypto analysts expect that, if the price movement remains with a bearish pattern, the SBR (support become resistance) zone around $ 2,120 is the next focus to be tested before making a lower decline.
However, if the price movement is just a retracement and shows a bullish pattern again, the price movement will retest the SBR zone around $ 2,240 before making a higher rise or will make the latest high.
At the time of writing, Ethereum is trading around $ 2,176 down over 5% in the last 24 hours.
