The post Ethereum volume surges 85%, yet ETH lags behind – What’s going on? appeared on BitcoinEthereumNews.com.

Ethereum’s volume has surged 85% in under two weeks, reaching $7.3 billion.  However, a consolidation phase appears more likely before ETH bulls can target $4K. In 2024, Ethereum’s [ETH] on-chain trading volume largely followed the broader crypto market’s pattern, marked by a steady downtrend, though occasional surges in activity were seen in the second and third quarters.  However, November marked a significant turning point. A combination of factors – including large inflows into Bitcoin [BTC] and Ethereum’s ETFs and the unexpected Trump victory in the U.S. Presidential election – has sparked a shift.  In just two weeks, Ethereum’s on-chain volume surged by 85%, jumping from $3.84 billion on the 1st of November to $7.13 billion on the 15th of November, signaling a potential reversal in its previous downtrend. Although ETH remains far from its all-time high of $4,891, the renewed activity is promising. However, several indicators suggested a delay in a potential rally to $4K before the end of Q4. Keeping volatility in-check would be the first step A week into the election rally, ETH had already surpassed $3,300, reaching a daily high of 5%, except on election results day, when it saw a significant 12% surge. Historically, such rapid gains in a short time have often been a warning sign of a potential correction ahead. In the following seven trading days, ETH experienced a reversal, bringing its price back to around $3K, erasing much of the substantial gains made during the rally. However, as the crypto industry often dictates, every downturn presents an opportunity for investors to target the local bottom and buy the dip. ETH bulls seized this opportunity, posting a near 10% jump the following day, pushing the token’s price to $3,357 (at the time of writing). While this seems bullish, Ethereum has displayed more volatility with…

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Filed under: News - @ November 24, 2024 7:04 am