• The price of ETH has risen 0.23% over the last 24 hours.
• Daily transaction volume (7d MA) for the altcoin has reached a 5-year low.
• Technical indicators are bearish on ETH’s daily chart.

The price of Ethereum (ETH) has risen by a slight 0.23% over the last 24 hours according to the crypto market tracking website, CoinMarketCap. The leading altcoin’s price is also 1.19% up for the week at press time. Currently, ETH’s price stands at $1,223.01.

ETH has also been able to gain some strength against the crypto market leader, Bitcoin (BTC). At press time, ETH is up 0.16% against BTC.

The 24-hour trading volume for the largest altcoin by market cap has fallen over the last 24 hours. Currently, ETH’s trading volume stands at $3,406,403,981, which is 17.17% lower than yesterday.

Glassnode Alerts (@glassnodealerts), the blockchain analysis firm, tweeted today that ETH’s Transaction Volume (7d MA) has just reached a 5-year low of 38,511.780 ETH. The tweet added that the previous 5-year low of 38,705.770 ETH was observed on January 27, 2020.

Daily chart for ETH/USDT (Source: CoinMarketCap)

The daily chart for ETH shows that there has been flat price action for the altcoin ever since its price got a boost on December 20, 2022. Since then, ETH’s price has consolidated between the 9-day and 20-day EMA lines.

This flat price action can also be witnessed in the movement of the daily RSI line, the slope of which was neutral for the majority of last week. As the 9-day and 20-day EMA lines converge on each other, ETH’s price will either make a move below or above the two lines.

The 9-day EMA line being positioned below the 20-day EMA line, and the negative slope of the daily RSI SMA line, suggest that there will be a bearish move for ETH’s price coming in the next 48 hours.

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