- Ethereum ranges around the $600 mark as the cryptocurrency market decides its next move.
- Both trading volume and volatility have rapidly decreased.
- It’s all eyes on Bitcoin as altcoins like Ethereum wait to see if it will break above its all-time high.
At the open of today’s trading period, ETH/USDT was trading at 594.22 USD. It reached a high of 604.93 USD and made a low of 575.00 USD. At the time of writing, ETH/USDT has settled at 596.57 USD, 1.12% above the trading period’s high-low average of 584.97 USD.
ETH/USDT had a total trading volume of 1.012 million ETH during this trading period, a halving of trading volume compared to yesterday’s 2.164 million ETH.
The Historical Volatility Index (HVI) read 108.63 (high) at the close of this trading period, compared to 108.45 (high) at the close of the previous trading period.
Today’s trading period has been somewhat stable, with ETH/USDT seeming to trade between a price band. After opening at 594.22 USD, price ranged for several hours before a sharp, but short dip occurred taking ETH/USDT down to the trading period’s low of 575.00 USDT. It then recovered to a price of 597.28 USD before dipping again to 576.90 USD.
ETH/USDT then rebounded again, this time reaching the trading period’s high of 604.93 USD, before settling at the trading period’s close of 596.57 USD. It’s also worth noting that both dips may suggest a support zone has been established between 569.67 USD and 587.78 USD as previous trading periods have also seen dips and rebounds at this level.
ETH/USDT entered the trading period with a trading volume of 20,222 ETH, with a mean volume of 79,193 ETH carried over from the previous trading period. Trading volume remained at this level throughout the entire trading period as Eth/USDT ranged. However there was a spike to 65,545 ETH as the first sharp dip occurred.
At the time of writing, trading volume has settled at 16,077 ETH, with a mean value of 23,651 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.
The previous trading period saw an enormous amount of volatility relative to this trading period, with HVI reading 30.15 (extremely high) on this trading period’s open. Volatility rapidly sank to the ‘high’ levels, with the lowest HVI measurement reading 8.36 (medium). At the time of writing, HVI reads 11.99 (high).
In this trading period, ETH/USDT has been relatively stable compared to the last, trading within a narrow band and potentially establishing a new support level. This has also resulted in low and stable trading volume and a large reduction in volatility.
All of this suggests, ETH/USDT is waiting for a trigger for its next move. This is characteristic of the wider cryptocurrency market being dominated by the uncertainty caused by Bitcoin teasing its all-time-high. With all traders waiting for Bitcoin’s move, expect all of the more established altcoins to be waiting cautiously in its wings.
Again, all eyes on Bitcoin.
In the news
US economist Nouriel Roubini says Bitcoin is the ‘worst manipulated asset’.
Cryptocurrency exchange Coinbase has said it is unwilling to participate in Spark’s airdrop.
UAE, Saudi Arabian central banks release report on Project Aber CBDC trial.