Ethereum Price Prediction as $10 Billion Trading Volume Floods In – Has ETH Bottomed Out Already?
The Ethereum price has gained by 9% in the past 24 hours, rising to $1,689 as part of a marketwide rally caused in part by a short squeeze. Its current level means it has risen by 2% in a week and by 7% in a month, with today’s return largely compensating for losses witnessed last week.
With the token seeing a 24-hour trading volume of over $10 billion (in fact, over $13 billion at last count), there’s plenty of liquidity for further movements in the coming hours and days. And with ETH remaining one of the strongest cryptocurrencies in terms of fundamentals, today’s rally could be the start of sustained year-long gains.
Ethereum Price Prediction as $10 Billion Trading Volume Floods In – Has ETH Bottomed Out Already?
ETH’s indicators suggest that the coin has indeed bottomed out and that it’s in the middle of a strong rally that has enough momentum to continue. In particular, its relative strength index (purple) has risen to 60, which shows rising buying pressure, but also the fact that the token isn’t overbought yet.
A key resistance level to watch here is $1,700. Last breached convincingly in August, passing this level could signal a sustained breakout for ETH, which remains grossly undervalued.
Promisingly, ETH’s 24-hour volume has risen from as low as $5 billion over the weekend to more than $13 billion, as of writing. This is the kind of volume it hasn’t witnessed since early January, when it leapfrogged from $1,400 to $1,550 in a day or so.
