Ethereum price showed a slight increase in the past day after recent dips.
The token’s daily trading volume declined by 8.49% according to CMC data.
The overall crypto market in the last 24 hours showed modest hikes in prices. Leading cryptocurrencies such as Bitcoin and other altcoins showed price increases over the past day. Particularly, the leading altcoin Ethereum factored to a slight increase of 2.49% in its market price. The ETH token has seen strong bull-bear combats over the past few weeks.
According to CMC data, the token was trading at the $3,100 level before showing upward movements in the price chart. However, ETH’s daily trading volume decreased by 8.49%. When observing the daily price chart, the token was seen trading at $3,183 at the beginning of the day. Over the past hours, its price increased to reach current trading levels. At the time of writing, Ethereum was trading at $3,277.
In the past week, Ethereum’s price remained bullish until the last few days. The token was trading at a weekly high of $3,547 on July 21 and sustained the bullish trend till July 23. Over the past days, it witnessed a brief price dip, before initiating an upward movement today.
Zooming out over the past month, ETH showed a price decline of 4.72% due to the initial market crash, declining down to the $2K level. Following this, the token after Bitcoin’s hike, showed upward movements reaching the $3K level. In the past week, Ethereum surpassed the $3.5K level hitting a monthly high of $3,562.
Will Ethereum Witness a Price Breakout in the Coming Months?
Notably, this month witnessed the launch of spot ETH ETFs bringing to a close the end of market anticipations. The ETFs witnessed inflows on the first day of trading, on July 23. Moreover, the spot ETFs launch was expected to initiate a price breakout as stated by several market analysts.
ETH/USDT Daily Price Chart (Source: TradingView )
Furthermore, the token’s current upward momentum has raised speculations of bullish movements in the coming months. According to TradingView data, the token’s short-term 9-day MA stands above the long-term 21-day MA highlighting the bullish turn. However, the token’s RSI stands at 45.21 indicating that Investors still hold a selling sentiment owing to recent dips.
Finally, as aforementioned, the token is expected to show notable price surges in the coming months. TheNewsCrypto analysts have predicted a bullish price of $4454.21 for Ethereum in 2024. However, if bears take over the token might slide to $2161.73.
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