- Cryptocurrency trader, analyst Ali revealed that there is a large supply wall in ETH’s order books.
- According to the post, a vast amount of ETH positioned at $1,960 is preventing ETH from breaking out.
- At press time, the altcoin was trading hands at $1,788.47 after a 3.15% price drop over the past 24 hours.
The cryptocurrency trader and analyst Ali revealed in an X post yesterday that there is currently a large supply wall hindering the chances of an Ethereum (ETH) breakout. According to the post, there is a supply wall of around 33 million ETH at $1,960.
Wen #Ethereum break out?Well, you may need to wait for $ETH to overcome the huge supply wall at $1,960. Here, 1.14 million addresses bought nearly 33 million #ETH, according to @intotheblock. pic.twitter.com/B2noPQbJPc
— Ali (@ali_charts) October 26, 2023
The leading altcoin suffered slightly over the past 24 hours of trading. According to data from the cryptocurrency market tracking website CoinMarketCap, ETH recorded a 3.15% loss throughout the past day of trading. This brought the cryptocurrency’s price down to $1,788.47. Notably, the decrease in price was not enough to flip ETH’s weekly perfor…
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