Ethereum Price Prediction as Huge Volatility Comes In – Here's Where ETH is Heading Now
The Ethereum price has dropped to $1,886 today, making for a 1.5% fall in the past 24 hours as the cryptocurrency market as a whole also dips slightly.
ETH has now declined by 2.5% in the past week, although it remains up by 10% in the last 30 days and by 57% since the start of the year.
The altcoin's recent movements mean that its average volatility has increased since the beginning of April and since the end of 2022, implying that further movements (either up or down) are likelier now than at any other period in its recent history.
And given how strong Ethereum's fundamentals have grown following its recent updates, it's arguably only a matter of time before the cryptocurrency experiences some subtantial gains.
Despite today's dip, ETH's chart signals a potential recovery in the near future, given that its two main indicators are steadily rising.
For example, the coin's relative strength index (purple) is rising steadily towards the 50 level, marking a transition from being oversold towards more positive buying momentum.
Correspondingly, ETH's 30-day moving average (yellow) continues to rise above its 200-day (blue), signalling that future rises are in store.
What's encouraging to note in this respect is that ETH's support level is beginning to increase again, suggesting that it's consolidating a little after recent falls, giving it a higher base from which to rally.
ETH's recent ups and downs are also reflected in its volatility, with the BitMex Weekly Ether Volatility index more than doubling since the start of April, as well as rising from 1.8 to 5.44 since the start of the year.
As such, ETH has more rallies to look forward to in the near and distant future, something which is supported by its fundamentals, which arguably
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