Ethereum currently trades at $2,378, 5% lower over the last 24 hours after a weekly high of $2,693.
Despite the fall, Ethereum$ETH eth-4.13%
Ethereum
remains more than 35% higher over the last month, demonstrating resilience in the face of a recent crypto$BTC market bounce. With 24-hour volume 128.6% higher at $29.6 billion, trading has picked up, suggesting fresh inflows from retail and institutional investors alike.
Derivatives data tells a similar story. CoinGlass statistics reveal 135% growth in trading volume. Perhaps not surprisingly, open interest in ETH futures has dropped by 5.53% over the same timeframe, which may indicate short-term traders are closing their positions as fresh momentum starts to gather beneath.
Technically speaking, Ethereum has bounced back to the center of its Bollinger Bands following the latest sell-off. Momentum slightly turned negative, while the relative strength index has cooled down from the overbought region to 59.6.
Ethereum price analysis.
Although$ETH
short-term indicators such as the 10-day EMA and SMA are showing red, Ethereum remains above its 20-, 30-, and 50-day moving averages. Currently, most momentum indicators are neutral. Also, MACD is positive, indicating that if the asset gets strong support inside the current range, there can be a possibility of a new uptrend.#CryptoRegulation