ETH/USDT trend analysis: Ethereum is back over the $600 mark

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  • Ethereum (ETH) has rallied back over the $600 mark, to set a yearly high, as Bitcoin nears its all-time-high.
  • Trading volume has significantly increased during this trading period, as has momentum.
  • All eyes are on Bitcoin. If Bitcoin surpassed its all-time-high, all bets are off on Ethereum’s next move.

Overview (24-hour)

ETH/USDT opened today’s trading period at 552.38 USD. The high for this trading period was 612.84 USD, with the low for this period being 552.00 USD. At the time of writing, ETH/USDT is 604.00 USDT, 3.71% above the trading period’s high-low average of 582.42 USD.

Total trading volume for ETH/USDT at the time of writing stands at 1.32 million ETH, compared to 855,000 ETH at the end of the previous trading period. This represents an increase in trading volume of over 50%.

The Historical Volatility Index (HVI) reads 105.78 at the time of writing, compared to 111.08 at the close of the previous trading period.

Price Analysis

ETH/USDT stayed relatively stable after having opened today’s trading period at 552.38 USD, only registering a low of 552.00 USD, just 38 cents below its opening price. After several hours of minimal movement, ETH/USDT began its first attempt to hit the 600.00 USD mark, rising to 591.95 USD.

After cooling off at round that level, it began its second rally to the trading period’s high of 612.84 USD, a gain of over 12% since open. At the time of writing, ETH/USDT is 604.00 USDT.

Volume Analysis

ETH/USDT entered the trading period with a trading volume of 12,959 ETH, with a mean volume of 18,908 ETH carried over from the previous trading period. For the next several hours, trading volume remained supressed, dropping to a low of 7,678 ETH, bringing the mean trading volume down to 16,337 ETH.

In correspondence with the first attempt to touch the 600.00 USD mark, ETH/USDT’s trading volume spiked to 44,064 ETH. This was followed by a second spike to 60,386 ETH as ETH/USDT reached the trading period’s high.

At the time of writing, trading volume has increased significantly to a 61,300 ETH, with a mead trading volume of 34,339 ETH.

Both the On Balance Volume (OBV) and Accumulation/Distribution (Acc/Dist) indicators remained level at the opening of the trading period. They both then started to trend upwards after several hours as ETH/USDT rallied towards the trading period’s high.

Volatility Analysis

ETH/USDT entered the trading period with relatively low volatility, with HVI reading 6.81 (low-medium). It remained at this level for several hours before rising to 17.47 (extremely high) as ETH/USDT started rallying to the trading period’s high.

At the time of writing, the HVI reads 10.68 (high)

Price Prediction

Today, the crypto-market has seen extraordinary gains, with BTC/USDT getting amazingly lose to surpassing its all-time-high. This has translated into market-wide gains, with ETH/USDT climbing over 12% and breaching the 600.00 USD mark. Trading volume has surged during this trading period, with momentum increasing as a direct result.

Volatility has also increased significantly, moving from the low-medium levels to the high levels. However, this is to be expected at ETH/USDT sees an injection of trading volume. As for the near-term outlook? Much depends on BTC/USDT. If it breaches its all-time-high, all bets are off as to the near-future fate of the wider market. ETH/USDT could see momentum push it well beyond the 600.00 USD mark and trading volume could significantly increase.

All eyes on Bitcoin.

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Emmanuel Young

Having entered the cryptoworld in 2013, Emmanuel is a broker, investor and crypto enthusiast. He has contributed to a number of crypto related projects and enterprise and sees the industry as the future of finance.

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