Ethereum price registers a significant upswing by a rise of more than 2% to reach levels above $1260 from the lows around $1175. The Bitcoin price leapt long to mark a remarkable recovery from the monthly lows of around $15,500 to the current levels of around $16,800. The current upswing within the markets could be the aftermath of this recovery.
The ETH price with the recent upswing has surpassed the crucial resistance at $1240. However, bears are trying hard to restrict the price below $1250, a wrong move by the bulls may strengthen the bearish action ahead.
While the market participants believe the dark clouds may have faded away, higher the possibility of major rejection surfaces. Therefore, despite the ETH price maintaining significant strength at the moment, the asset may soon lose its grip and slump hard. As the market participants lose interest and hence the user activity on Ethereum tanks down.
The daily active address which displays the user’s activity over the platform had tanked down below 450K and witnessed a minor recovery to 535K. A dropped count indicates less interest of the market participants in the asset within the stipulated time frame. However, a significant jump in the volume has been recorded that may induce significant volatility in the coming days.
However, the Ethereum price, after a brief consolidation of around $1260, is expected to drop hard as a major rejection may drop the price below $1000. As per a well-known analyst, Capo, Ethereum’s (ETH) price is expected to close the yearly trade around $700–$750.