• Today’s price rise in ETH is more than 2%
• The coin’s price is stable above the $1720 support level.
• ETH currently trades for $1,805.84

Today, the crypto market is making some gains with an increase of 2.30% in its global market cap. The current market value of crypto is approximately $1.25 trillion. The price fluctuation of major cryptocurrencies, such as Bitcoin, is minimal compared to its past-day price.

Source: TradingView

ETH has a 2% increase in trading prices to $1,805.84. But the real question here is whether ETH will breach its $1720 support level, and wear a bearish hat in the coming days. ETH’s current price ($1765) is well above the support level. However, it still holds its value at this crucial stage. It is possible that the coin could plunge again if the support level falls.

ETH should at most hype the $2016 resistance level to achieve a future price rise. If it does, it could touch $2965, where it touched on May 4th before it experienced a market correction. Besides the recent market crash, the one-day trading chart of ETH indicates a descending pattern since April 3 — the day the price went down from $3580 to its current price. If the global crypto market surges in a strong uptrend, it would not be possible to tap back at this price.

1 hour Trading Chart ETH/USDT (Source: TradingView).

The hourly chart for ETH/USDT shows that the coin started with an increase and then continued to drop heavily. However, after a spike, the coin gained strength and continues to rise.

As shown on the monthly chart, ETH’s trading volume has fallen over the past six month. Not surprisingly, many cryptocurrency prices have been volatile due to the escalating global conflict.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. This article is not intended to be used as investment advice. CoinQuora advises its users to research cryptocurrency before making any investment.

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