Ether Records Highest Daily Trading Volume in 12 Months
The daily volume of ethereum ether (ETH) tokens posted a 12-month high on Thursday.
According to Bitfinex data, the second largest cryptocurrency yesterday traded 245 hours of 2405 tons. It was the highest level since September 15, 2017. In addition, the current $ 2.9 million per share is the highest since mid-December 2017.
According to CoinMarketCap, the 24-hour trading volume of all exchanges is currently $ 2.33 billion, the highest since July 18 this year.
Bitfinex ETH Daily Volume
A sharp increase in trading volume indicates that investors are likely to fall below $ 200 recently. Therefore, the recovery from the lowest of $ 167 to the lowest of $ 200 in the 13 months may continue.
In addition, the pickup of the trading volume verifies a bullish trend change in the weakness signaled by the technical chart.
At the press time, ETH is trading at $ 203, the highest price of $ 224 today.
ETH made a hammer candle recovered from a 13-month low on Wednesday and had a positive pursuit on Thursday. This confirms the difference between strong hammer candle reversal and strong relative strength index (RSI).
The stochastic oscillator began to deviate from the overdone area that was past stronger two days ago (September 12).
All of this is likely to have been lowered to $ 167 at July's top $ 500 and above, indicating that the bull may have regained control.
Nonetheless, there is merit in being cautious due to the weak (downward sloping) October moving average (MA) since the 10-day moving average (MA) can break the technical recovery.
The volume on the weekly chart is the highest since December. At that time, the cryptomarket showed an overall upward trend, and bitcoin topped the record high of $ 20,000.
Looking at the weekly chart, you can see how prices have risen in terms of weakness and stubborn volume growth.
To date, the total quantity of ether has remained relatively stable for several weeks in March and July, below the normal level for most of the year.
The mass recovery of the Ether at a low point of less than $ 170 has probably benefited the bull.
Cryptocurrency is expected to test for resistance of $ 250 (the lowest on August 14) in the short term after the merger.
If the price is below $ 200, it will be weak.
Disclosure: The author holds the USDT in writing.
Ethereum image through Shutterstock; Chart with TradingView
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