Ethereum (ETH) Surges to New Highs, Trading Volume Exceeds Bitcoin
• Ethereum (ETH) price hovers above the $1,880 level after noting a 24-hour gain of 1.40%.
• The surge in Ethereum’s daily trading volume exceeds that of Bitcoin.
• Data from Glassnode shows a drop in the HODL pattern of Ethereum investors.
Ethereum (ETH) Price Analysis
Ethereum (ETH), the second largest cryptocurrency, stabilizes within the $1,880 range, highlighting reduced price volatility. Meanwhile, next to Bitcoin, Ethereum was expected to cross $2K yet the uncertainty flows along. In the past 24 hours, the trading volume of Ethereum (ETH) recorded a surge of over 33.41% to reach $5,780,720,995 while Bitcoin (BTC) experienced a spike of 27.29% in volume.
Ethereum’s price movement over the past week reflected its intense bearish market stance. However, according to the daily price chart, current price action crossed above short-term 50-day exponential moving average (50EMA), denoting an attempt to enter bullish state. Further analysis indicates that ETH is heading towards neutral territory as seen with RSI at 50 and CMF below 0 indicating negative outlook for bulls accumulation and capital flow. At press time ETH was priced at $1 876 with 24 hour gain of 1.40%.
Bearish Monthly Outlook
The decline and consolidation of Etherium’s price within $1 880 range has led to losses for Ether traders resulting in high number of addresses in loss reaching 34 million on Thursday as reported by CoinMarketCap . Furthermore data from Glassnode reveals 19 million unactive Etherium between last one and two years signifying slight drop in HODL pattern among investors.
Highlighting Crypto News Today
Today’s crypto news highlights record set by Ethereum hitting monumental milestones which includes increase in DeFi applications built on its network alongside introduce new features like Eth 2 0 Beacon chain and Sharding scaling solution .
Overall , despite decrease in investor interest due to bearish monthly outlook , impressive record set by Ethereum today showcases its potential for continued growth as it introduces more features such as Eth 2 0 Beacon chain and Sharding scaling solution .