- Recent Price Changes and Trading Volume
- Institutional Activity and Large Transactions
- 24 Hours ETH Technical Analysis
Ethereum (ETH) is showing a steady recovery following a recent price increase. In this article, we will examine current trends including institutional inflows and significant transactions, as well as provide a 24-hour technical analysis.
Recent Price Changes and Trading Volume
At the time of writing, Ethereum (ETH) is trading at $2,676, reflecting a 3.10% increase over the past 24 hours. This surge is accompanied by a robust trading volume of $15 billion, marking a significant 46.85% uptick.
Institutional Activity and Large Transactions
In the institutional space, US spot ETH ETFs recorded a daily net inflow of $2.87 million, with total assets reaching $6.92 billion as of September 20. Notably, the Grayscale Ethereum Mini Trust was the only ETF to see this inflow, as others reported zero activity. On the blockchain, significant movements are happening as Ethereum whales transfer assets. In the last five hours alone, 71,549 ETH have changed hands, alongside a notable deposit of 8,510 ETH, valued at approximately $21.9 million, from a Genesis Trading bankruptcy wallet to centralized exchanges.
24 Hours ETH Technical Analysis
The current market capitalization stands at $322 billion, also up by 3.225%. Despite a slight decline from its August 26 peak of $2,735, ETH is showing signs of a steady recovery and may soon break the crucial $2,700 barrier. However, Ethereum’s trajectory remains closely tied to Bitcoin (BTC), currently trading at $64,142 after a 0.64% decrease. This correlation suggests that movements in BTC are likely to impact ETH and other cryptocurrencies. The current market sentiment reflects this uncertainty, with 24% of the community feeling bullish while a significant 76% lean bearish. The resistance level is set at $2,677, with nearby support at $2,527. The longest-standing support level is located at $2,279. Technical indicators paint a mixed picture. The Relative Strength Index (RSI) is at 76.37, indicating that ETH is in the overbought territory, while the moving average stands at 69.51. Additionally, the moving average cross data reveals a 9-day MA of 2,606 and a 21-day MA of 2,571, hinting at a potential bearish crossover as these averages converge.
Ethereum is showing significant signs of recovery, bolstered by recent institutional inflows and large holder activity. However, its correlation with Bitcoin adds uncertainty to ETH’s interactions with other cryptocurrencies.
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