The trade volume of Ethereum has increased significantly over the past day, by roughly 70%, showing that the currency is now on the upswing. When the overall cryptocurrency market cap turned green, the bullish momentum in both of the top cryptocurrencies began.
According to the data from Coinmarketcap, BTC’s current trading volume is also increased by 75% in the same time period. Bitcoin (BTC) and Ethereum (ETH), the two most significant cryptocurrencies by market capitalization, also turn green due to high trading activity.
Throughout the week, the price of Ethereum closely tracked that of Bitcoin, which caused the token to drop below the $1,300 to $1,100 mark once again. However, the market appears to be under some pressure at the moment, but ETH has been in recovery mode.
The data shows that ETH earlier today recovered to the $1,200 mark and currently trading at $1,212.57, with almost a 3% gain in the last 24 hours. The token’s market cap also increased by 2.38% in the same time period.
A break above the $1,220 resistance level could kickstart a modest recovery wave. If this move is successful, the next major obstacle would be at $1,250. If the bulls succeed in breaking over the $1,250 resistance, the price may increase toward $1,300.
A new bearish wave might begin if ETH is unable to overcome the $1,250 barrier and the first level of support on the downside is close to $1,165.
Ethereum Price Driving Factors
A few relevant factors cause the upward trend of Ethereum. Which is one of, The reawakening of dormant Ethereum addresses was announced on Twitter by on-chain data tracker Lookonchain earlier on Monday.
Before yesterday, none of these addresses had any activity in the previous five years, despite having at least $10 million worth of ETH on their balances.
The entire amount sent by the first wallet in a single transaction would be 9,877 ETH, which is equal to $11.7 million. The total amount transferred by the second wallet in a subsequent transaction would be 13,103.99 ETH, equivalent to $15.5 million. More than $27 million, or 22,983 $ETH, was transacted in total.
The second reason is that in an interview with Bankless co-owner David Hoffman, Ethereum co-founder Vitalik Buterin spoke about his assumptions for the cryptocurrency market in 2023.
In it, he listed three significant opportunities in the space that have yet to materialize, including inflation-resistant stablecoins, Ethereum-powered website logins, and widespread wallet adoption.
The third and most important factor, as TronWeekly reported today, is that Visa proposed a method that would enable providers to withdraw funds automatically from customers’ Ethereum-powered crypto wallets without having the user personally authorize each transaction.