Ethereum price showed slight surges in the last 24 hours amid spot ETF outflows.
The token recorded a 28.55% decline in daily trading volume according to CMC data.
The Bitcoin Conference 2024 having drawn to an end in Nashville witnessed the participation of several prominent personalities within the sector and government leaders. Presidential candidate Donald Trump spoke at the conference expressing his persistent support for cryptocurrency. Meanwhile, the sector has witnessed Bitcoin and other altcoins showing considerable upward momentum.
In the last 24 hours, the cryptocurrency sector has shown a slight increase of 2.18% in market cap. Leading altcoin, Ethereum showed upward movements after a modest price dip on Sunday. The token was initially trading at the $3200 level, before recording an increase of 4.61%. This increased percentage brought the altcoin to current trading levels. At the time of writing, ETH was trading at $3,379 according to CMC data.
However, the token’s daily trading volume dipped by 28.55%. Zooming out over the past month, Ethereum’s price showed a performance of 0.92% decrease. While its year-to-date performance still stands at a positive 46.78%, the token did not factor in notable bullish trends in July.
ETH/USDT Daily Price Chart (Source: TradingView )
On the other hand, Ethereum’s recent new milestone of spot ETH ETFs launch has fueled investors’ interest. This has resulted in a buy signal sustenance within the market as indicated by the RSI standing at 52.35 as per TradingView reports.
Moreover, the token’s short-term 9-day MA stands above the long-term 21-day MA indicating current upward movements. If the bullish momentum is sustained, the 9-day MA will be able to maintain its position above the 21-day MA.
How Will Ethereum Price Perform in the Coming Months?
The leading altcoin’s price was expected to witness notable price rallies after the launch of spot ETH ETFs on July 23. However, contrary to expectations, the token did not exhibit notable surges. Over the last seven days, Ethereum recorded a 3.76% price decline having shown a high volatility with its RVI standing at 65.37.
Meanwhile, market analysts expect the token to witness price breakouts in the coming months. TheNewsCrypto analysts have predicted a bullish price of $4454.21 for Ethereum in 2024. The token might witness a bullish rally after surpassing current resistance at the $3,500 level.
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