Ethereum Price Prediction as ETH Sees $18 Billion Daily Trading Volume – Can ETH Overtake BTC?
ETH has dropped by 3% in the past 24 hours, with the Ethereum price slipping to $3,524 on a day when the crypto market as a whole has fallen by 2.5%.
This means that Ethereum has now gained by 5% in a week but lost 12.5% in a month, although the market’s biggest alt is still up by 89% in the past year.
The past couple of days have witnessed an encouraging lift in trading volume, with ETH’s moving from about $8.6 billion on Sunday to nearly $18 billion today.
This suggests that the coin may be preparing for a big move in the coming days, potentially coinciding with the approach of the Bitcoin halving.
ETH’s chart gives the impression that it’s pretty close to recovering, with its indicators showing some improvements today.
After dropping hard yesterday, the 30-day average (orange) has slowed its descent and may be close to flattening out (and returning to growth).
Similarly, ETH’s relative strength index (purple) has risen from 30 yesterday to around 45 today, suggesting that the coin is regaining the kind of momentum that could help launch it upwards again.
What’s encouraging in this respect is that the coin’s support level (green) has recovered over the past week, suggesting that it may have already entered a period of recovery.
This is also what we can take from the aforementioned trading volume, which has more than doubled in a couple of days.
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