Ethereum price prediction on the back of ETH daily trading volume of $18 billion - can ETH overtake BTC?
The price of #ETH has fallen 3% in the last 24 hours, with the value of #BTC dropping to $3,524 on a day when the overall cryptocurrency market fell 2.5%.
Ethereum is up 5% for the week and down 12.5% for the month, while the largest altcoin on the market is up 89% over the past year.
Trading volumes have risen significantly in recent days, from $8.6 billion on Sunday to nearly $18 billion today.
This suggests that the coin could be poised for a big move in the coming days, which could coincide with the #bitcoin exchange rate approaching the half-price.
The ETH chart gives the impression that it is very close to recovery and its indicators are showing some improvement today.
After yesterday's strong fall, the 30-day average (orange) has slowed its fall and may be approaching a sideways movement (return to growth).
Ethereum price chart
Similarly, the ETH Relative Strength Index (purple) rose from 30 yesterday to around 45 today, suggesting that the coin is regaining upward momentum.
Encouragingly in this regard, the coin's support level (green) has recovered over the past week, suggesting that the coin may already be in a recovery phase.
This can be understood by the aforementioned trading volumes, which have more than doubled in a couple of days.
However, while this is largely due to large trader sales, it's nice to see that ETH can sustain a relatively large spike in sales without a significant drop in price.
The situation for Ethereum also looks favorable in the near and more distant future.
In addition to the bitcoin rally being cut in half, the possibility of an Ethereum-based spot ETF remains.
Such an ETF, if approved, would lift the price of Ethereum as much as the Bitcoin ETF lifted #BTC .
It could hit the $4,000 mark in the coming weeks and $ 5,000 later this year.
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