Ethereum price witnessed an upsurge hitting $3K on May 17.
ETH has shown adequate price recovery this week.
Ethereum Whales are trying to make a comeback with increased movements this week.
Ethereum price surpassed the $3K mark showing signs of recovery in the early hours of May 17. The leading altcoin is exhibiting a consistent upward trend in the past 24 hours increasing in market price by 5.19% on May 18. At the time of writing it was trading at $3,099 after momentary hikes to $3,125 during the day.
Notably, the volatility index has depreciated to 63.62 post hitting the 70 range in early May. The 24-hour price recovery exhibited by the second-largest cryptocurrency has lifted investors’ spirits in the market. Furthermore, it is in line with Bitcoin’s bullish run which hit the $66K mark recently, suggesting an optimistic outlook toward cryptocurrency after recent price dips.
Ethereum Price Analysis For This Week
Ethereum began this week with a price dip to the $2,800 level after a brief upsurge to the $2,900 mark last weekend. The first few days of the week exhibited increased volatility accompanied by downtrends pulling the price down to weekly lows of up to $2,865. Amidst ETH whale movements speculations about ETH bulls making a comeback were also on the rise.
Moreover, the crypto asset showed signs of hitting $3K on May 14 by trading at prices as high as $2,994. However, the ETH price was followed by a bearish run on May 15 and found support at $2,867. The following day witnessed the price recovery with a steady upsurge breaking the $3K resistance and hitting one-day highs of $3,041.
Ethereum (ETH) Daily Price Chart (Source: TradingView)
According to Trading view data Ethereum’s SMA stands at 3,174 USD. This underscores the Altcoin’s struggles to establish a bullish rally with current trading prices having its foot set at the $3,100 margin.
Moreover, Ethereum trading volume has soared tremendously, increasing by 21.93% in the past 24 hours according to CMC data. With an RSI index of 51.97, the cryptocurrency has remained neutral in the market for the past month.
Additionally, this week also witnessed increased ETH whale movements in leading exchanges such as CoinBase. Furthermore on May 17, Whale Alert reported that 53063 ETH was transferred from one unknown wallet to another.
Ethereum market price is expected to hit $5K by the end of 2024. The recent price recovery suggests a preliminary initiation of the required bullish trend. However, continued similar price performances will elucidate the possibility of a bullish rally.
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