Has Ethereum Crypto Surpassed Bitcoin in Terms of Volume?

• Ethereum has surpassed Bitcoin in securing the second spot in terms of volume.
• The Ethereum crypto price is up by 30% in a week, which shows buyers’ strength.

In a daily time frame, the Ethereum price has been bullish since mid-2023. The bullish trend was interrupted near the $4K hurdle and displayed profit booking. In the first week of April, the ETH price tried to reach the last swing high but failed to do so. 

Since mid-March, the digital asset price has struggled to fall below the $3.7K level. However, the Ethereum price has surpassed this level recently and formed a long-legged doji candlestick.

Price vs. Social Dominance Analysis For Ethereum Crypto

The graph of ETH price and social dominance has increased simultaneously. The data demonstrates that engagement on social media sites like Instagram, Twitter, and Telegram has increased. If it keeps rising, the ETH price may remain bullish for the next few days.

Fall in Development Activity Seen

Based on the given data, the development activity decreased from mid-April to mid-May, and the price remained in a consolidation phase. When the development activity stopped falling, the ETH price gained bullish momentum. If the development activity increases, the Ethereum crypto price may continue to rise.

Ethereum Price Prediction: Buyers Trapped at High?

When writing, the Ethereum price was traded at $3680, which has lost around 2.77% in the past 24 hours. The circulating supply and the total supply is 120,131,151 ETH. The market capitalization is $446.99 Million, and the 24-hour trading volume is $38.58 Million.

The ETH price witnessed strong buying pressure last week and surpassed the resistance level of $3700. According to the chart structure, it seems that buyers are not interested, and the price may fall below $3.70K.

If the ETH crypto price slips below the $3.70K mark, it may become a liquidity grab, and most buyers would get trapped. After the liquidity grab, the price may witness strong selling pressure and melt below the $3K level.

On the other hand, if the ETH price manages to sustain itself over the resistance level of $3700, then buying momentum can be detected for the next few days. Suppose the chart structure attracts investors, and the Ethereum price may record an all-time high.

Conclusion

Ethereum has exhibited significant strength in terms of trading volume and price performance. The correlation between social dominance and price movement is noteworthy, indicating a potential bullish trend if social engagement continues to rise. 

However, the decline in development activity may pose a challenge to the sustained bullish momentum. The current price level of $3680 is crucial, and a drop below $3.7K could lead to a liquidity grab scenario. On the other hand, sustaining above $3700 could pave the way for a new all-time high.

Technical Levels

Based on the chart structure, the Ethereum price is expected to face resistance from the $4.1K and $5K marks. If the price falls, it may take support on the $2.80K and $2.1K levels.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.