Ethereum Shows Signs of Price Recovery with 48.69% Increase in Daily Trading Volume
Leading altcoin, Ethereum (ETH), has shown signs of price recovery in the last 24 hours, recording a notable 48.69% increase in daily trading volume. The cryptocurrency community, after a tumultuous week, is now seeing a glimmer of hope as the market shows signs of bouncing back.
ETH, which had experienced a significant dip following Bitcoin’s lead, plummeted by 11.20% in the past week, finding support below $3,000. However, in the last 24 hours, Ethereum has seen a price increase of 5.09%, trading at $3,066 at the time of writing.
Zooming out over the past month, ETH has seen a 16.78% decline in price performance. In June, the token was trading around $3,700 before correcting to levels below $3,500 as bears took control.
In the recent price analysis, ETH witnessed an upward movement, breaking resistance at $3,000 and reaching an intra-day high of $3,085. Despite the short-term bearish trend indicated by the 9-day MA and the selling pressure highlighted by the RSI and liquidation data, market analysts are optimistic about a potential bullish trend in the coming weeks.
TheNewsCrypto analysts have predicted a potential price target of $5,826.98 for ETH in 2024 in case of a bull run, while a bearish scenario could see the token dropping to $2,729.44. Additionally, the spot Ethereum ETF launch process has seen updates from VanEck and 21Shares as they seek SEC approvals.
In related news, Bitfarms has appointed a new CEO amidst an ongoing tussle with Riot Platforms (NASDAQ:). Stay tuned for more updates on the crypto market as it continues to show signs of recovery.
