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Ethereum: peak trading volumes and trend change to positive

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Ethereum (ETH) this week experienced peak daily trading volumes on Bitfinex, with its price falling to a 16-month low. Yesterday, the second largest value of the crypto currency reached a turnover of $ 0.85 million. The current weekly trading volume, $ 2.9 billion, is the largest since the middle of last December.

Now the daily trading volume of the air on all exchanges is at the level of $ .33 billion – the highest level since July 18, according to CoinMarketCap.

Ethereum: peak trading volumes and trend change to positive

A sharp rise in deals shows that investors rushed to take advantage of the recent ETH dive below $ 200. Therefore, the return of $ 200 to the region looks quite healthy and stable.

Also, the trading volume can confirm the change of the trend from the bearish to the bullish, which technical indicators are talking about. At the time of writing, ETN is traded at $ 207, and during the day the peak value reached $ 224.

Ethereum: peak trading volumes and trend change to positive

Ether set the candle “hammer” on Wednesday, recovering from the lows, and continued to rise for Thursday. That is, the bullish “hammer” confirmed the trend change and the behavior of the relative strength index of the RSI. The stochastic indicator also begins to leave the territory of “oversold”.

All these indicators say that the bulls regained control over prices. However, the ten-day moving average of the MA-10 shows a bearish attitude – it can slow down the technical recovery.

Ethereum: peak trading volumes and trend change to positive

The weekly chart shows that the trading volume peaked after December. But then the airwaves strived for record prices. During the year, trading volumes remained stable, with only a slight decline in March and July.

Restoration of the air is likely to meet resistance at $ 250 in a short time – this is the August low. Although before that a period of consolidation is possible. Impulse bulls will weaken if the price remains below $ 200.