Ethereum Price Volatility
The price of Ethereum (ETH) has been on a roller coaster ride in the past week, driven by market volatility. Following a recent market collapse, ETH showed resilience by climbing back into the green zone. Opening at $2,431, ETH peaked at $2,721.95 within 24 hours, demonstrating bullish momentum.
ETH Price Analysis
Despite a slight decline to $2,615.75, ETH saw a single-day increase of 7.87%, boosting its market capitalization to $309 billion. The token has surged more than 94% from its January low of $2,101, reaching a peak of $4,096 this year. However, a 40% drop post-ETH ETF launch led to a retest of lows before stabilizing above the $2,500 support level.
Future Outlook for Ethereum
From a technical perspective, the Relative Strength Index (RSI) is trending upward, indicating bullish sentiment. With room for upward momentum, ETH could target the $2,813 mark and potentially break the $3,000 resistance. However, the 20-day moving average suggests bearish sentiment, hinting at a possible retest of the $2,300 support level if resistance persists.
