Ethereum price spiked more than 22% in last 24 hours, yesterday was trading as low as $417 and today it reached as high as $518.
Is this the break true we all have been waiting for that will take ETH price back to the formal glory?
Big resistance near 550$, if it breaks it can continue upside move. Otherwise, downside correction is forming a strong support above the $480.There is also a major bullish trend line forming with support at $440 on the hourly chart of ETH/USD.
Trading volumes for ETH in the past month have been low, but consistent. There have been temporary spikes, and there is no certainty the recovery would continue. But ETH is yet another coin booming suddenly from what was seen as a bear market destined to continue for months.
As Ethereum breaks price barriers from the recent dip, the price may see more dramatic jumps, based on emotion, or automatized bot orders. In the past, ETH has not stayed low for long. The spike ETH price made in the last 24h is a clear indicator that ETH is a sleeping lion which will wake up sooner or later.
What is interesting is that ETH grows on its own accord, in speculative trading against USDT positions. On Binance, the pairing with USDT is more active compared to BTC trading. ETH trading on Binance takes up around 10% of volume, about half the volume of BTC trading.
Despite altcoins and tokens booming, the Ethereum project remains the most promising, due to the largest ecosystem and the fact they are the first project of its kind that is constantly evolving. The Solidity language and the writing of smart contracts are becoming a more widespread capability, potentially boosting the influence of ETH in the coming years.
The only short-term risk for ETH is the relatively uncertain recovery, as prices are still quite far from challenging and overtaking their peak, and the return of the bull market is still not certain.