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Yes. Neurodermatitis would fit this description. Another consideration would be an atopic (allergic) dermatitis below the surface. This could be triggered by any one of many possible exposures, including certain socks (fabrics ), certain soaps, even cold or exercise. Taking a long acting antihistamine (eg zyrtec) every day could help with this. Steroid creams can also prove to be quite helpful if used regularly.
Elevation reduces blood pressure and swelling. This generally makes an allergic reaction better because it improves angioedema, a common part of the histamine reaction. This is why ice is often used in allergic reactions as well.
Allergic dermatitis with itch and angioedema is a very common affliction that can affect any body part. The prognosis is excellent if you can get the diagnosis confirmed, preferably by a skin or allergy specialist, and get on the appropriate treatment .
In some cases, identifying and avoiding triggers is all that is needed. In others, antihistamines and/or steroid creams are required. Sometimes, mast cell stabilizers (eg Cromolyn) are used.