ETH Still Has Support Despite the Rejection From the $1,860 Mark

The leading altcoin Ethereum (ETH) was one of the handful of cryptocurrencies in the top 10 list that was down at press time. According to data from CoinMarketCap, ETH had recorded a 24-hour loss of 1.25%, and was changing hands at $1,788.71 as a result.

The only other cryptocurrencies that suffered a loss during the same period were Binance Coin (BNB) and Dogecoin (DOGE). CoinMarketCap data indicated that BNB was down 0.47%, while the popular meme coin’s value was down 0.67%.

Along with the drop in price, ETH also recorded a decrease in its 24-hour trading volume throughout the past day of trading. At press time, the cryptocurrency’s trading volume was down 29.65%. Consequently, the total was estimated to be around $11.820 billion.

Daily chart for ETH/USDT (Source: TradingView)

ETH had briefly dropped below $1,555 on 19 October 2023 and reached a low of $1,541.61 during the trading session. However, bulls stepped in to boost ETH’s price to above the $1,555 level and close the daily candle off at $1,566.57.

Since then, ETH has printed a series of higher lows and higher highs, leading to the formation of an ascending price channel. It was on Monday that the cryptocurrency’s price surged more than 6% and escaped the channel. This also led to ETH breaking above the $1,755 barrier to ultimately flip the level into support.

Yesterday, ETH’s price attempted to overcome the $1,860 barrier but was only able to reach a high of $1,854.38 before traders started taking profit. This resulted in ETH closing yesterday’s trading session at $1,784.98. Despite the correction that the altcoin experienced over the past 24 hours, ETH’s price still had the support of the key $1,755 mark at press time.

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