Ethereum Price Prediction as $10 Billion Trading Volume Floods In – Are Whales Buying Again?

cryptonews.com:

The Ethereum price has held still over the past 24 hours, with the altcoin struggling to rise above the $1,800 level.

At $1,803, ETH is now 2% up in a week and 14% up in a fortnight, with the market’s biggest altcoin also having risen by 50% since the beginning of the year.

And with its 24-hour trading volume remaining high at $10 billion, there’s enough underlying activity to cause another rise in the coming days.

Ethereum’s chart continues to look promising, in that its technical indicators lean more towards further gains than losses right now.

For instance, its 30-day average (yellow) is rising strongly towards its 200-day average (blue), a sign that more price gains will come as the shorter term indicator climbs over its longer term counterpart.

ETH’s relative strength index (purple) is also looking good, having kept around the 70 level for over a week now.

What this indicates is that buying pressure is still with Ethereum, which could therefore see further gains in the near term.

The coin’s 24-hour trading volume supports this view, with it remaining just above $10 billion, compared to around $5 billion a week ago.

This suggests that whales remain interested in ETH, which has seen several transfers to exchanges in the past couple of days.