Ether (ETH) token hit a 12-month high recently after a 24-hour trading volume of 850,000 ETH. This is the highest level since September 15th, 2017 according to our reports. Also, there is a new weekly volume of $2.0 million which is the highest one since last year.
Across all exchanges, the 24-hour trading volume is somewhere between $2.30 and $2.35 billion, a lot higher than the mid-July level this year. This is a clear sign that investors are buying the dip in ETH right below $200 and this is why this level is pretty much sustainable.
At the moment, ETH is trading at $225 which is a 4.55% rise in the past 24 hours. Ethereum recovered from a 13-month low and showed a positive trend starting on Thursday. This shows that the sell-off that was happening in the July-highs, is now reaching a new low and the bulls are likely to regain control. However, it’s important to stay cautious because the bearish movement could hurt the technical recovery.
If you look at the weekly charts, you can see that the volume is at its highest level since December where the entire market at that time was in a crazy price surge. You can also see that the prices are spiked in both bearish and bullish total volume growth. When you make a comparison between the charts, you can actually see that Ethereum has been relatively stable despite the few weeks in July where we saw some lower than expected levels.
Ethereum is now testing the resistance level at $250 in the near-term.
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