Over the past 48 hours, Ethereum has finally taken a breath.
Prices are holding steady above $3,000.
Ethereum [ETH] maintained a stable trading range in the $3,500 region until it encountered a major selloff that caused its price to drop significantly.
Despite the downward trend, Ethereum’s circulation across exchanges is mixed, reflecting different sentiments among traders.
Ethereum recovers from decline
AMBCrypto’s daily analysis of Ethereum shows that Ethereum has been volatile at the beginning of this month. On July 1, Ethereum was trading at around $3,430.
The next day, the price dropped slightly but remained in the $3,400 range.
However, the following days saw a more pronounced drop, and by July 5, the price of Ethereum had fallen to around $2,980.
Since then, ETH has fluctuated greatly, with both ups and downs. As of July 8, the price of ETH has rebounded significantly, with an increase of nearly 3% to around US$3,018.
As of now it is trading up more than 2% at around $3,083.
Furthermore, the relative strength index (RSI) also rose slightly along with the price increase.
Despite the improvement, the RSI is still below the neutral 50 mark, specifically around 40, as of now, which suggests that while the market sentiment is recovering, it is still in the bearish zone.
Ethereum’s stable sentiment
CryptoQuant’s analysis of Ethereum exchange net flows shows a volatile pattern between inflows and outflows, suggesting mixed trader sentiment.
For the past two days, net flows have been positive, meaning more Ether has been deposited into exchanges than has been withdrawn. This suggests that traders may be preparing to sell or trade in hopes of taking a profit or cutting losses.
Conversely, in the days leading up to this, net flows were negative, indicating that withdrawals of ether from exchanges were more prevalent than deposits.
This trend is often associated with traders moving their holdings to private wallets for long-term holding or to reduce exchange-related risks.
There was no clear bias in both inflows and outflows, suggesting that trader sentiment was relatively unchanged and normal market dynamics were continuing.
Volume confirms buyers are in control
Analysis of Ethereum’s trading volume over the past 48 hours shows a clear increase in volume, suggesting a recovery in market activity.
Trading volumes briefly dipped to around $10 billion on July 7, according to Santiment.
Below is the market value of ETH calculated in BTC
However, this drop was short-lived, and trading volumes had surged to over $21 billion by July 8. As of this writing, trading volumes remain high at over $19 billion.
An increase in volume, especially during the current price trend, means that buying activity is more dominant than selling.
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