Ethereum price analysis: ETH/USD rangebound amid growing trading volumes
|- Ethereum has recovered from Sunday' slow, but momentum is waning.
- Trading volumes reached the highest point since May 7.
Ethereum is changing hands at $458 at the time of writing. The coin recovered about 1% of its value during recent 24 hours, however, it is down over 60% from 2018 high reached at $1,326 on January 14.
Ethereum's market value has settled at $46B, while the average daily trading volume jumped above $4B from only $2B registered on Sunday. It is a noticeable increase, as the last time the trading volume climbed above $4B handle on May 7, right after the coin had created its recent top at $835. This may signal that ETH/USD has reached the bottom at $420 (Sunday's low), however, we need to see a sustainable upside movement above the sloping trendline (currently at $520) before any optimistic conclusion can be made.
On the intraday level, ETH/USD is squeezed between 50 and 100-SMA at $452 and $464 respectively (hourly chart). A sustainable move higher will pave the way towards $500 handle with 200-SMA on approach. An extended sell-off will bring $440 and $420 into focus
ETH/USD, the daily chart
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