Ethereum price has been consolidating for the past few weeks amid the surging inflation in the US and UK. However, the digital asset has been hinting at recovery as its total market capitalization jumped 2.15% to $166 billion. The total volume of ETC traded in the last 24 hours has leaped more than 4%. Ethereum is the 2nd most valued digital asset in the world.
Crypto Market Outlook
According to data by CoinMarketCap, the global crypto market has increased 2.25% to $965 billion in the last 24 hours. Over the last 24 hours, the total crypto market volume has soared 18.58% to $60.63 billion.
The overall crypto market has been performing well for the past week. Among the reasons behind the crypto recovery, is the easing of the tax-cutting plans by the UK government. Earlier this week, the new British government backtracked on a key part of its broad tax-cut plan after facing a backlash from financial markets and a rebellion in its ranks.
Bitcoin has been among the best-performing cryptocurrencies for the past few days. Bitcoin’s recovery has also contributed to the upside trajectory in the crypto market. BTC’s dominance has increased to 40.11%. Being the most valued digital asset in the world, the coin’s performance influences the performance of other altcoins.
Other performing cryptocurrencies include BNB, XRP, Solana, Dogecoin, Polygon, TRON, and Uniswap, among others. Therefore, analysts seem quite optimistic about the Ethereum price in the coming months.
Ethereum Price Technical Analysis
The daily chart shows that the Ethereum price has been under intense pressure for the past few weeks. The coin has been range-bound, trading between $1250 and $1400. It is trading slightly below the 25-day and 50-day moving averages. Its Relative Strength Index is weak at 40, which is 10 points close to the oversold region.
Therefore, with the current upturn in the crypto market, the ETC price is likely to hop on the bullish trend. If this happens, traders will be eyeing the next resistance level at $1975. However, a bear run will have the next logical support level at $1010.