Ethereum price has witnessed a modest dip of 0.60% in the last 24 hours.
Its daily trading volume has dropped by 20.41% as per CMC data.
In attempts to wake up from the weekend slumber, the crypto market has begun to show modest bullish signs. This can be inferred from the overall market cap showing a 2% increase. Meanwhile, Bitcoin is currently docked at the $97K level, defying hopes of $1 million BTC this weekend. This article’s focal point, Ethereum, has also shown similar price movements.
The leading altcoin, although it joined the party a little late, has rallied to its July trading levels. Over the past weeks, Ethereum managed to break through several resistance levels, particularly its prolonged resistance at $2300.
However, in the last 24 hours, the cryptocurrency has shown a brief price dip of 0.60% dipping to the $3300 level after its recent surges. According to CMC data, the altcoin was trading at a high of $3,424 in the Asian morning hours of November 25. At the time of writing, ETH was trading at $3,382.
Moreover, the cryptocurrency, in the past week, hit its 123-day high of $3,497. Its weekly price increase percentage was 8.78% while on zooming out its monthly price increase stands at – 37.52%. This bullish cycle initiated at the $2,503 level and has progressed to its current trading levels.
Will Ethereum Price Resume its Bull Run Soon?
On inferring technical indicators and ETH’s TradingView charts, the altcoin shows a positive trend. Its Moving Average Convergence Divergence (MACD) shows the signal line standing above the MACD line as per TradingView data. This indicates the aforementioned bullish trend.
Moreover, corroborating this further is the Chaikin Money Flow (CMF)’s value standing at 0.19. These indicators suggest that the cryptocurrency might stage a bullish run in the coming days. In the case of a bull run, Ethereum can be expected to face resistance at $3,440 and $3,537. However, if the altcoin continued its descent, it might fall to a support of $3,044.
On the other hand, other cryptocurrencies such as Solana and XRP have also turned mildly bearish in the last 24 hours.
