Leading altcoin Ethereum, surpassed the $3.5K level in the last 24 hours.
The token recorded a 42.11% increase in daily trading volume according to CMC data.
The overall crypto market, in the last 24 hours, recorded minor declines in market cap. Meanwhile, the overall trading volume increased by 21.96%. Leading cryptocurrency, Bitcoin with a modest daily decline slid back to the $66K level. On the other hand, the largest altcoin Ethereum, began showing price increases fueled by the launch of the altcoin’s spot ETH drawing closer.
In the last few months, Ethereum prices have shown crucial upward and downward movements. While analysts expected the token to surpass the $4K level during the previous bullish rallies in March and May, the token failed community expectations.
Moreover, with the recent market crash, ETH slid to the $2K level. Since then the token is advancing to regain its previous price levels at the $3K range. Market analysts are anticipating a bullish price breakout for Ethereum as the spot ETH ETFs begin trading.
Additionally, over the past week, as per Arkham Intelligence data, leading spot ETH ETF issuers showed buying movements. VanEck, Blackrock, Fidelity, and Ark Invest were reported by the blockchain intel to have bought Ethereum tokens. Recently, in the past day, Grayscale was observed moving its ETH holdings to fund its two spot ETH ETFs. The issuers’ movements have been closely watched by the market analysts.
Ethereum 24H Price Analysis
In the past day, Ethereum showed increased volatility. It showed resistance to break the $3.5K margin and slid down to $3,400s in several instances. However, during midday, the token began exhibiting bullish candles and surpassed $3.5K. At the time of writing, Ethereum was trading at $3,518 according to CMC data.
ETH/USDT Daily Price Chart (Source: TradingView )
Moreover, the altcoin’s recent bullish turn is further highlighted by the short-term 9-day MA standing above the long-term 21-day MA. Additionally, amid issuers’ accumulation of tokens, the market also leans towards a buying sentiment. This is indicated by the RSI standing at 58.88 as per TradingView reports.
Furthermore, as aforementioned, Ethereum is expected to show bullish movements in the coming months, pricing in the ETH ETF launch. TheNewsCrypto analysts have predicted that ETH might hit the $5K level in the occurrence of a bullish run.
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