Ethereum’s Price Declines Over 4% Within 24 Hours
Ethereum (ETH), one of the leading cryptocurrencies, has experienced a significant drop in price within the past 24 hours. The current price of Ethereum stands at $2,369.33, showing a decrease of 4.38%. This decline adds to the downward trend that Ethereum has been facing over the past week, with a total drop of 5.0% from $2,515.85.
Volatility Comparison: 24 hours vs. Past Week
Comparing the price movement and volatility of Ethereum, we can observe the changes that have occurred over the past 24 hours and the past week. The chart below demonstrates this, with the left side representing the price movement of the past 24 hours and the right side displaying the price movement of the past week. The gray bands, known as Bollinger Bands, indicate the volatility of Ethereum’s price movements. The wider the bands are, the greater the volatility.
Declining Trading Volume and Increasing Circulating Supply
Over the past week, the trading volume of Ethereum has decreased by 49.0%. Simultaneously, the circulating supply of the coin has increased by 0.36%. Currently, the circulating supply stands at 120.18 million. The current market cap ranking for ETH is #2, with a total market cap of $284.70 billion.
These statistics indicate a potential decrease in trading activity and an increase in the availability of Ethereum within the market.
Please note that this article was generated by Benzinga’s automated content engine and has been reviewed by an editor for accuracy.
Disclaimer: This article does not provide investment advice.
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Analyst comment
This news can be evaluated as negative. Ethereum’s price has declined over 4% within 24 hours, adding to its downward trend over the past week. The trading volume has decreased by 49% and the circulating supply has increased by 0.36%, indicating a potential decrease in trading activity and increased availability of Ethereum. As an analyst, it is likely that the market will continue to experience downward pressure in the short term.
