Ethereum (ETH) Price: Shows Resilience at $3,100 Despite Bitcoin Underperformance
TLDR Ethereum’s price recently faced resistance at $3,220 after recovering from a $3,021 low Exchange reserves for ETH have hit multi-year lows in 2024, suggesting potential supply shortage Technical analysis shows mixed signals with bullish potential but underperformance against Bitcoin Price currently trades below the 100-hourly Simple Moving Average with key resistance at $3,250 ETH/BTC pair showing weakness with next support levels between 0.028-0.026 Ethereum’s price has maintained its position above the $3,100 mark, even as the cryptocurrency faces technical resistance near $3,220. Recent data shows a notable decline in exchange reserves, reaching multi-year lows in early 2024, suggesting a potential supply shortage in the market. The second-largest cryptocurrency by market capitalization recently experienced a price dip below $3,150, forming a local bottom at $3,021. Bulls quickly stepped in to provide support, leading to a recovery above the $3,120 level. Exchange r...