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.

Tanya Abrosimova Independent Analyst

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

Author

Tanya Abrosimova

Independent Analyst

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