The price of Ethereum has experienced an additional decline of 0.48% in the past 24 hours. According to CMC data, the altcoin’s daily trading volume has also decreased by 15.77%.
In a positive development for the global cryptocurrency market, there are signs of recovery following an initial downturn earlier this month. Notably, Tether, a prominent stablecoin issuer, has announced plans to launch a Dirham-pegged stablecoin in the near future. This news has sparked renewed interest and activity in the digital asset sector as we approach the end of the week.
On a different note, Bitcoin has witnessed a slight uptick, maintaining its price at $69K after a 4% drop the previous day. Meanwhile, Ethereum, the leading altcoin, has faced an additional price decrease of 0.48%, stabilizing around a previous support level of $2.5K. The recent price movements for Ethereum began at a high of $2,583 and have since settled to current levels.
Moreover, the altcoin has exhibited heightened volatility in recent weeks, with its current Relative Volatility Index (RVI) reading at 53.07, reflecting ongoing price fluctuations. As of the latest update, ETH is trading at $2,509, according to CMC data. Previously, during a bullish trend, ETH attempted to break through the resistance level at $2,600, as indicated by the token’s weekly price chart.
Examining the weekly performance, Ethereum has recorded a 1.59% price increase. At the start of the week, ETH traded as low as $2,461 before reaching a weekly high of $2,722, before retreating to its current value.
### Ethereum Price Monthly Overview
Over the past 30 days, Ethereum has achieved a modest price increase of 4.39%. At the beginning of the month, the altcoin was valued at $2,311 and subsequently climbed higher. A closer look at its price trends reveals a horizontal channel pattern, emphasizing the previously mentioned price consolidation.
ETH/USDT Daily Price Chart (Source: TradingView)
Furthermore, Ethereum’s bull power indicator is currently at 2.54, while the bear power indicator stands at 2.58, according to TradingView data. For the altcoin to experience a bullish shift, it must break free from this consolidation phase and overcome the prevailing bearish trend.
In the meantime, other cryptocurrencies such as Solana and Cardano have begun to recover from the dip experienced in the previous day.
### Highlighted Crypto News Today:
How This Solana DEX Token Surged 100% During Uptober?
share
