ETH is showing strong signs of recovery after the recent crypto market crash. The support level was restored after a nearly 10% rally sent ETH surging above $2,000. Impressively, it was able to maintain this position after dipping below $1,700 over the past week. What can we expect from the flagship alternative currency?
Is it a revival or not?
This is definitely a revival for ETH. After falling below $1,700, it has just experienced a rise of almost 10% and is now in a range of $2,000. It’s a vote of confidence for ETH investors who were expecting big moves after this week’s plunge.
Recent data is particularly bullish for Ethereum with whales buying the “dip” these strong moves were responsible for the upward movement of ETH.
Whale trades have crossed the 3,000 mark in the past two days suggesting an upward trend for the coming days.
The increased movement of ETH whales has caused a substantial spike in trading volume on the Ethereum network. According to data from Santiment, trading volume has seen a dramatic increase recently, with volumes exceeding 9 million on May 11 and 13 million on May 12.
The RSI is another indicator that potentially points to a trend reversal. Over the past 24 hours, the value of the RSI index has jumped to 40.5 from an oversold region of 19. As the RSI consolidates around this region, there is an increasing likelihood of a spike in ETH prices quite quickly.