Ethereum has recently shown signs of attempting a price recovery after a period of decline. Over the past day, the price of Ethereum has started to recover from a recent dip, although increased liquidations have been reported, according to Coinglass data.
As the second-largest cryptocurrency, Ethereum halted its previous downward trend and demonstrated a recovery following a brief price slump. This resurgence comes as the broader cryptocurrency market has returned to a bullish stance after Wednesday's downturn. However, Bitcoin remains below the $60,000 mark.
Currently, Ethereum has experienced a 0.87% increase in its daily price, climbing above the $2,500 level after Wednesday’s dip. The token's daily price chart indicates it struggled to maintain levels above $2,400. During the afternoon hours in Asia, Ethereum traded at $2,512 before bearish movements pushed it back to previous support levels. The highest intra-day price recorded was $2,559, but at the time of writing, Ethereum was trading at $2,541, according to CoinMarketCap data. Additionally, ETH’s daily trading volume has decreased by 19.48%.
Looking at the past week, Ethereum has seen a 2.96% decline in price, largely due to Bitcoin's drop from $65,000 to $59,000. At the start of the week, ETH was trading around $2,600, eventually reaching a weekly high of $2,820 before encountering resistance.
In other developments, US spot ETH ETFs have experienced inflows, ending a nine-day streak of outflows, according to Sosovalue data. Other crypto assets, such as Toncoin, have also attracted notable market attention with significant price activity.
What’s Next for Ethereum’s Price?
According to TradingView data, Ethereum is showing signs of recovery, with a potential moving average (MA) crossover on the horizon. The 9-day MA is currently positioned slightly above the 21-day MA, suggesting a possible bullish crossover if the positive momentum continues.
However, the recent dip has generated a selling signal, with the Relative Strength Index (RSI) at 40.96. Additionally, Ethereum has seen significant liquidations totaling $19.51 million over the past 24 hours, based on Coinglass data.
For Ethereum to establish a bullish trend, it will need to surpass the $3,000 mark and maintain that level.
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