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Ethereum (ETH) had experienced a price correction a few days ago, resulting in a drop below the $2,300 level. However, as of the time of writing, it has returned above the significant support region of $2,300 and has risen to $2,320. Staying below the mentioned level could have been disastrous, yet things could turn in favor of investors shortly.
Ethereum Commentary and Current Status
Ethereum’s price had risen to $2,380 on January 31st. However, after reaching this level, it quickly underwent a clear correction, falling below $2,300.
According to data from 21milyon.com, following a 1% increase in ETH’s price in recent hours, the price has returned above the $2,300 level. The overall volume of ETH also saw a near 2% increase, rising above the $275 billion mark again.
A comment on ETH’s price movement was also made on February 4th by analyst Michael van de Poppe. The analyst indicated a critical support level for ETH, noting that it has vital support at the $2,150 region and reiterated a target of $3,000 for the second quarter if it stays above this level.
Nevertheless, as of the time of writing, other data besides the price did not look too favorable for ETH. According to Santiment’s data, both ETH’s Coinbase and Korean premiums were reflecting a negative outlook.
This situation could be interpreted as a reflection of the dominant selling sentiment among American and Korean investors in the market at the time of writing.
Latest Ethereum Update
Taking a closer look at Ethereum’s price, it appears to have risen by 1.36% in the last 24 hours to $2,320. At the same time, there was also a 1.36% increase in market volume, settling at $278 billion.
While all this was happening, there was an increase of over 40% in trading volume. As a result of this increase, the 24-hour trading volume was trending above $6 billion.
On the other hand, according to data from Hyblock Capital, before a potential decline to ETH’s $2,150 support level, it could encounter another strong support level in the $2,200 region. Looking back at ETH’s history, when the token’s price reached this point in November 2023, it had moved upwards.
