Ether Records Highest Daily Trading Volume in 12 Months

Ethereum’s ETH token on Thursday noticed its highest quantity of day by day buying and selling quantity on Bitfinex.

The second-largest cryptocurrency witnessed a 24-hour buying and selling quantity of zero.85 million yesterday – the best stage since September 15, in accordance with Bitfinex knowledge.  Further, the present weekly quantity of two.907 million is the best since mid-December.

Meanwhile, 24-hour buying and selling quantity throughout all exchanges presently stands at $2.33 billion, the best stage since July 18, in accordance with CoinMarketCap.

ETH day by day buying and selling quantity on Bitfinex

The sharp rise within the buying and selling quantity signifies the traders have doubtless purchased the latest dip in ETH under $200. Hence, the restoration from the 13-month low of $167 to ranges above $200 appears to be like sustainable.

Further, the pick-up in buying and selling volumes validates the bearish-to-bullish pattern change signaled by the technical charts.

At press time, ETH is buying and selling at $203, having clocked a excessive of $224 earlier right now.

Daily chart

ETH created a hammer candle on Wednesday because it recovered from 13-month lows and posted a constructive follow-through on Thursday, confirming a bullish hammer candle reversal and a bullish relative energy index (RSI) divergence.

The stochastic oscillator can also be starting to maneuver away from the oversold territory having crossed bullish two days in the past (Sept. 12).

All this means that the sell-off from the July highs above $500 has doubtless made a low at $167 and the bulls have doubtless regained management.

Still, there may be advantage in being cautious because the bearish (downward sloping) 10-day transferring common (MA) might put brakes on the technical restoration.

Weekly chart

On the weekly chart, the quantity is on the highest stage since December. Back then, the cryptomarket as an entire was witnessing rising volumes, courtesy of bitcoin’s rise to a file excessive of $20,000.

Looking on the weekly chart, we will see how costs have spiked each by way of bearish and bullish rising complete quantity.

Indeed for many of the 12 months thus far, Ether’s complete quantity has remained comparatively regular with some weeks in March and July experiencing decrease than regular ranges.

View

  • Ether’s excessive quantity restoration from lows under $170 has doubtless turned the tide in favor of the bulls.
  • The cryptocurrency appears to be like set to check the resistance at $250 (Aug. 14 low) within the near-term, albeit after a bout of consolidation.
  • The bullish case would weaken if costs discover acceptance under $200.

The creator holds no cryptocurrency on the time of writing

Ethereum picture by way of Shutterstock; Chart by way of TradingView

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Original article first appeared in https://www.coindesk.com/ether-records-highest-daily-trading-volume-in-12-months/

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