Ethereum (CRYPTO: ETH) has struggled to stay above the $1,100 mark since it first lost support at this level last month.
What Happened: According to an analysis from Into The Block, ETH is currently facing “strong resistance” at this price.
$ETH is facing strong resistance at $1,100
— IntoTheBlock (@intotheblock) July 5, 2022
Based on #Ethereum blockchain data 7.1M ETH was previously acquired at this price, potentially causing downward pressure from addresses looking to break-even pic.twitter.com/68hKWC3HUD
Analysts put this down to the 7.1 million ETH that was acquired by investors at this price last year. Retail and institutional investors looking to break even on their initial investment might be cashing out at this level, putting additional downward pressure on the asset, suggested the analysts.
At press time, ETH was trading at $1,129 with a trading volume of $17 billion, as per data from Benzinga Pro.
Over the last 24 hours, the cryptocurrency traded between a low of $1,086 and a high of $1,162.
According to technical analyst Derek T McKinney, current charts indicate that ETH is showing positive signs above the $1,100 zone.
“Ether price traded below the 50% Fib retracement level of the upward move from the $1,076 swing low to $1,170 high. However, the bulls seem to be active near the $1,120 support zone. It also found support near the 61.8% Fib retracement level of the upward move from the $1,076 swing low to $1,170 high,” he wrote.
Photo via PurpleRender on Shutterstock
