ETH Needs To Maintain These Demand Walls To Continue Moving Up

• ETH is currently trading hands at $1,634.76 after a 2.37% drop in price.
• $1,600 to $1,650 levels represents a significant area of support for ETH.
• 8 million ETH was bought between the price of $1,600 and $1,650.

The largest altcoin by market cap, Ethereum (ETH), is starting the day in the red. Data from CoinMarketCap indicates that ETH is currently trading hands at $1,634.76 after a 2.37% drop in price over the last 24 hours. The altcoin reached a high of $1,678.28 and a low of $1,615.06 over the same time period.

ETH also weakened against its biggest competitor, Bitcoin (BTC), by about 0.31% over the last day as well. It is also in the red by more than 1% over the last seven days.

ETH’s 24 hour trading volume is in the green zone and currently stands at $8,701,463,354 billion after more than 2% increase since yesterday. In terms of market cap, ETH currently stands at $199,859,159,771. The current circulating supply for ETH now stands at 122,373,866 ETH.

A crypto enthusiast took to Twitter on February 8 to share his own thoughts on the price of ETH and what the price of the altcoin could do in the coming days. According to the post, the $1,600 to $1,650 levels represents a significant area of support for ETH.

The on chain data on the post indicates that 1.94 million addresses bought 8 million ETH between the price of $1,600 and $1,650. The poster concluded by stating that it is very important for these demand walls to hold in order for the price of ETH to make further advances upwards.

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