Ethereum price dipped on Tuesday, shedding its previous day’s gains. At the time of writing, Ethereum was trading 0.51% lower at $1569.29 after hitting an intraday high of $1582.60. The altcoin’s market capitalization has edged slightly higher by 1.73% in the past 24 hours.
According to data by CoinMarketCap, the global crypto market cap has edged 1.47% higher over the past day, while the total crypto market volume slipped by more than 10%. The overall crypto market has been on a rally for the past few days amid a cooldown in the US inflation.
Ethereum price has been rallying for the past few weeks, climbing by more than 32% in the past month. Even so, the total volume of ETH traded in the past 24 hours has dipped as experts argue that bulls are close to exhaustion. A fall in trading volume signals the declining strength of the altcoin’s recent uptrend.
Ethereum, the largest altcoin by market cap, has been gaining significant traction in the past few weeks. The cryptocurrency is on track for the upcoming Shanghai Hard Fork, which will open up access to tokens that have been locked in months. Experts have closely linked the upcoming upgrade to the rally in Ethereum price.
Ethereum Price Forecast
Ethereum price has been on a strong rally for the past few weeks as cryptocurrencies surge. The second-largest digital asset by market cap has gained more than 18% in the past week, wiping out losses from FTX’s collapse. The altcoin is moving above the 25-day and 50-day moving averages. Its Relative Strength Index (RSI) is in the overbought region at 71.
Despite the rally, the Ethereum price is likely to record a modest downward trend in the near term before recovering shortly. The next important levels to watch will be the support and resistance levels at $1,279 and $1,682, respectively.