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Ethereum holds above $2,000 as trading volume surges

EditorNikhilesh Pawar
Published 15/11/2023, 05:00 am
Updated 15/11/2023, 05:00 am
©  Reuters

NEW YORK - Ethereum has maintained its position above the $2,000 mark, a level buoyed by recent bullish market activities including a filing for an Ethereum ETF by BlackRock (NYSE:BLK). The world's second-largest cryptocurrency by market capitalization saw its trading volume soar by 39.43%, reaching over $12.95 billion.

The digital currency experienced a significant increase in network fees on Sunday, hitting a four-month peak of $5.72 per transaction, as reported by Sentiment. This surge in fees coincides with Ethereum's price rally above $2,000 and is the highest since July 4, although still below May's average fee of $14. Notably, most of these fees were directed toward transactions involving Wrapped Ethereum (with).

Despite the increased cost of transactions, Ethereum has continued to show strength in the market. As of today, CoinMarketCap data indicated that Ethereum registered a modest 0.53% gain over the past day, trading at $2,060.58. This positive movement extends its weekly gains to +8.88%.

Investors and traders are keeping a close eye on Ethereum's performance after it recovered from the support level of $2,030. Market analysts suggest that if Ethereum maintains its current trajectory, it could aim for the next resistance level at $2,150. However, should it fall below the $2,030 mark within the next 24-48 hours, there's potential for a retraction to the support level of $1,945.

The market's optimism remains high following BlackRock's Ethereum ETF filing and Ethereum's ability to stay above crucial moving averages despite a slight pause after peaking at $2,100 earlier this week. An increase in block trades, particularly focusing on December calls, indicates sustained interest and activity in Ethereum's market as it navigates through these price levels.

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