Ethereum prices have remained stable over the past 24 hours, with counterfeit coins striving to rise above $1800.ETH is currently priced at $1803, up 2% in one week and 14% in two weeks
Ethereum prices have remained stable over the past 24 hours, with counterfeit coins striving to rise above $1800.
ETH is currently priced at $1803, up 2% in one week and 14% in two weeks. The largest counterfeit currency in the market has also risen by 50% since the beginning of this year.
Due to its 24-hour trading volume remaining at a high of $10 billion, there is sufficient potential activity to lead to another increase in the coming days.
With the influx of $10 billion in trading volume, Ethereum's price forecast - will whales purchase again?
Ethereum's chart still looks promising, as its technical indicators are currently more inclined towards further increases rather than decreases.
For example, its 30-day moving average (yellow) is strongly rising to the 200-day moving average (blue), indicating that as short-term indicators surpass long-term indicators, prices will see more price increases.
The relative strength index (purple) of ETH also looks good, maintaining a level of around 70 for over a week.
This indicates that Ethereum's purchasing pressure still exists, so it may further increase in the short term.
The 24-hour trading volume of the coin supports this viewpoint, with trading volume still slightly above $10 billion, compared to approximately $5 billion a week ago.
This indicates that whales are still interested in ETH, and there have been multiple transfers of funds to exchanges in the past few days.
Although Ethereum prices have struggled to break through the resistance level of $1850 (red) in the past few days, its support level (green) also appears to have remained well maintained, making it unlikely to experience a significant decline.
It rose against the backdrop of increasing enthusiasm for Bitcoin ETF applications, but its strong fundamentals also mean that it should recover soon.
In fact, its total value locked in accounts for over half of the entire cryptocurrency industry, and it has also celebrated many highly anticipated adoptions this year, including PayPal and Coinbase.
This development bodes well for its future, but it is also important to remember that since turning to proof of equity last year, Ethereum has been experiencing a deflationary trend.
Therefore, Ethereum prices may reach $1900 in the coming weeks, and the official approval of Bitcoin ETFs may help them reach $2500 in the first few months of 2024.
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