ETH/USDT trend analysis: Ethereum attempts to find new support at $600 level

TL:DR

  • Ethereum has once again broken the $600, possibly attempting to find a new support level around that area.
  • Trading volume and volatility decreased during this period, further suggesting a settling of price.
  • ETH/USDT may be trying to consolidate at the $600 level before its next breakout.

Overview (24-hour)

ETH/USDT opened this trading period at 599.80 USD, before rallying to set a new recent high of 623.00 USD (+3.87%). The low of this period was 523.61 USD, with ETH/USDT finally settling at 592.90 USD at the time of writing, just 2.53% below the period’s high-low average of 608.31 USD.

The total trading volume for ETH/USDT in this period was 1.5m ETH, compared to 1,869,000 ETH in the previous period, representing a 19.74% decline in trading volume.

The Historical Volatility Index (HVI) remained around the same level at 56.74 this trading period, compared to 56.55 in the previous trading period.

Price Analysis

ETH/USDT trend analysis: Ethereum attempts to find new support at $600 level 1

ETH/USDT opened today’s trading period at 599.80 USD, and after briefly dipping to the period’s low of 523.61 USD, continued its assault on the 600 USD mark, pushing through to set a new recent high of 623.00 USD. After, the strong rally, ETH/USDT fell again to 592.50 USD before setline at 603.29 USD at the time of writing.

Volume Analysis

ETH/USDT trend analysis: Ethereum attempts to find new support at $600 level 2

ETH/USDT started the trading period with a trading volume of 69,800 ETH and a mean value of 50,062 ETH carried over from the previous period. For the majority of the rally, trading volume actually contracted, dipping to a low of 15,247 ETH. This brought the mean down slightly to 47,721 ETH.

There was a brief spike in trading volume, up to 125,963 ETH corresponding with a short sharp correction in ETH/USDT’s price, and at ETH/USDT’s high, trading volume briefly remained above the 70,000 ETH level. However this quickly normalised and at the time of writing, ETH/USDT’s trading volume stands at 29,253 ETH, with a mean value of 43,707 ETH.

Throughout the rally, the Accumulation/Distribution (Acc/Distr) increased but started to level off just before ETH/USDT reached the high of the period. The On Balance Volume (OBV) indicator declined throughout the entire period.

Volatility Analysis

ETH/USDT trend analysis: Ethereum attempts to find new support at $600 level 3

Over the past few days, ETH/USDT has seen volatility remain in the extremely high levels. This is reflected in this trading period with ETH/USDT opening with a HVI value of 20.25 (extremely high). However, volatility seemed to decrease this period, with HVI dipping to a low of 7.21 (medium). At the time of writing, it has risen again to 14.95 (extremely high).

Price Prediction

ETH/USDT has lost trading volume and the momentum that comes along with it. It has also seen volatility finally decrease, spending more time in the high and medium levels. Both these things suggest that ETH/USDT might be trying to consolidate around the 600.00 USD level before any further breakout.

However, if trading volume increases, ETH/USDT remains bullish so could see a further move to the upside.

In the news

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The IOTA Foundation is set to launch a new wallet calle Firefly in the coming weeks.

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