Ethereum, in the last 24 hours surpassed $2.5K for the first time since October 1.
The altcoin’s daily trading volume surged 35.69% as per CMC data.
Another week begins with investors still holding strong to their optimism. The community awaits the anticipated bull runs, while the price charts depict modest gains. In the last 24 hours, the overall crypto market has shown increases in both its market cap and trading volume. Notably, leading altcoin Ethereum has transcended its resistance at the $2.5K level in a remarkable move.
Meanwhile, the largest cryptocurrency, Bitcoin, has shown gains, attempting to hit $64,000. This can be seen reflected evidently in Ethereum and other altcoins. Inferring the Ethereum daily price chart, ETH shows a price increase of 2.46%.
In the Asian morning hours of October 13, the altcoin traded at $2,462. Following this, it fell to further support levels at $2,450. However, on October 14, bulls began to overpower the bears as the token rallied to surpass $2,500 for the first time since the beginning of October. At the time of writing, Ethereum was trading at $2,526 as per CMC data.
Furthermore, the crypto community has been quite disappointed with Ethereum’s price actions in the past month. The cryptocurrency has failed to show any significant recovery after the last market crash, unlike Bitcoin. Ethereum has been trading within a consolidated phase at the $2,000 level since September.
Additionally, when reverting to Ethereum’s weekly price action, it shows a 1.64% increase. This has caused traders to speculate on an incoming price rally in the coming days.
Will Ethereum Witness a Bullish Rally in the Coming Months?
On inferring Ethereum’s technical indicators, certain aspects come to light. The token’s Moving Average Convergence Divergence (MACD) signal line recently crossed over the MACD line. This indicated a positive momentum in the altcoin and can be expected to highlight an incoming bull run.
ETH/USDT Daily Price Chart (Source: TradingView )
Moreover, the market sentiment shows buying signals as the RSI stands at 54.37. Additionally, the bull-bear power trend shows that the bulls dominate with a value of 4.53 while the bears hold a value of 2.73. This further highlights a bullish trend in Ethereum.
Finally, the US SEC recently has further delayed its decision on Ethereum Options trading. Meanwhile, the overall crypto market has shown increased liquidations in the past 24 hours as per coinglass data.
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