Ethereum price showed a modest increase following its previous gains over the last few days.
The altcoin’s daily trading volume surged by 20.38% as per CMC data.
In the theatre of Finance, cryptocurrencies, Bitcoin and Ethereum, are emerging as top performers holding audience attention unfettered. The last 24 hours, saw Bitcoin climb to its crucial resistance level – $65K. Following this, Ethereum broke its $2.5K resistance yet again this week. The altcoin, despite its recent price slump, is expected to recover in the coming months.
Notably, in the last 24 hours, Ethereum’s price incurred a modest increase of 0.62%. The altcoin has exhibited increased volatility in the past few days, as bulls and bears attempted to stage combat.
However, the recent price actions exhibit a positive momentum as ETH prices managed to climb beyond $2,650 during the day. At the time of writing, Ethereum was trading at $2,645 as per CMC data.
Additionally, ETH price also inched closer to $2.5K momentarily in the last 24 hours, but the token resisted the bearish dominance. If Ethereum sustains its positive momentum, it can be expected to face resistance at $2,700. On inferring its daily price chart, Ethereum shows signs of overcoming its recent price slump at the $2,300 to $2,500 range.
Meanwhile, the US spot ETH ETFs recorded modest outflows on September 27 breaking the two-day inflow streak. Grayscale’s spot ETF recorded the highest outflow of $36.02 million overshadowing inflows recorded by other ETFs.
What to Expect for Ethereum’s Price in the Coming Months?
Ethereum price, in the last 7 days, shows a price performance of 3.93% increase. After the aforementioned price slump, the altcoin has begun to depict bullish candles. Moreover, the token’s monthly price increase stands at 4.86%. This results majorly from the bullish turn that ETH has taken in the past few days.
ETH/USDT Daily Price Chart (Source: TradingView )
On inferring Ethereum’s technical indicators, the Moving Average Convergence Divergence (MACD), the signal line stands above the MACD line as per TradingView data. This indicates a positive trend in price movements. Additionally, the token’s RSI stands at 58.81 indicating the token’s inching towards buying sentiment among investors.
Moreover, if the altcoin manages to break its resistance at $2,700 it can be expected to rally to $3K. However, if it fails to sustain and transition the recovery into a bull run it might fall to a support level of $2,294.
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