ETH price hovers above the $1,880 level after noting a 24-hour gain of 1.40%.
The surge in Ethereum’s daily trading volume exceeds that of Bitcoin.
Ethereum (ETH), the second largest cryptocurrency, stabilizes within the $1,880 range, highlighting reduced price volatility. Meanwhile, next to Bitcoin, Ethereum was expected to cross $2K yet the uncertainty flows along.
In the past 24 hours, the trading volume of Ethereum (ETH) recorded a surge of over 33.41% to reach $5,780,720,995. While the top rival Bitcoin (BTC) experienced a spike of 27.29% in volume.
Ethereum (ETH) Price Analysis
Ethereum’s price movement over the past week reflected its intense bearish market stance. But according to the daily price chart, the current price action crossed above the short-term 50-day exponential moving average (50EMA), denoting its attempt to enter the bullish state.
Ethereum (ETH) Daily Price Chart (Source: TradingView )
When daily RSI is taken into account, it can be clearly noted that ETH is heading toward neutral territory (at 50). Meanwhile, the Chaikin Money Flow (CMF) fell below 0 to denote a negative outlook in terms of the bulls’ accumulation and capital flow.
As per CoinMarketCap, at the time of writing, the market price of ETH was $1,876 with a 24-hour gain of 1.40%.
Bearish Monthly Outlook of ETH
The decline and consolidation of the Ethereum price within the $1,880 range, coupled with lower levels of volatility, has led to losses for Ether traders. Consequently, the number of Ethereum addresses in loss reached a monthly high of 34.16 million on Thursday.
#Ethereum $ETH Number of Addresses in Loss (7d MA) just reached a 1-month high of 34,161,612.280View metric:https://t.co/eTr2V1rqmQ pic.twitter.com/gHdvUngbJw
— glassnode alerts (@glassnodealerts) July 27, 2023
The amount of Ethereum that has been last active between the last one and two years attained a new one-month low of nearly 19.98 million ETH, as per the on-chain data from Glassnode. This data denotes a slight drop in the HODL pattern of Ethereum investors.
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