With the effect of low volatility in the cryptocurrency market, Ethereum (ETH) has been following a more sideways trend for weeks. However, it started to rise again as it turned the market direction upwards. Since yesterday morning, ETH has gained more than 1% in value and surpassed the $1860 price levels.
Ethereum (ETH) Approaches Critical Resistance Levels
Having experienced a downward momentum for weeks after being rejected at the $2000 levels, Ethereum (ETH) suffered significant losses due to the downward trend in the cryptocurrency market. During this period, ETH, which accelerated the losses, dropped to the $1800 price levels on the first day of the week and showed a relatively lower price performance compared to Bitcoin in recent weeks.
On the other hand, ETH started to rise again after dropping to the $1800 levels at the beginning of the week and gained value as the leading cryptocurrency BTC exceeded the $30,000 price levels. Within the last 24 hours, it gained an average of 1.5% in value, surpassing the $1860 levels and approaching the $1900 levels again after the declines at the beginning of the week.
In addition, significant increases in trading volumes were observed with the rise in the cryptocurrency market. According to CMC data, there was an average increase of 20% in the 24-hour total trading volume of ETH.
Cryptocurrency Market on the Rise Again
The leading cryptocurrency Bitcoin (BTC) rose again yesterday after weeks of low volatility, surpassing the $30,000 price levels. After consolidating around the $29,000 levels for weeks, BTC’s breakthrough of $30,000 led to value increases for most altcoins during the day.
Among the top 10 cryptocurrencies by market capitalization, Solana (SOL) entered the leading cryptocurrencies driving the market’s rise with its value increases. Within the last 24 hours, SOL gained more than 5.5% and started trading at $24.8 price levels.
