Ethereum followed up with the recovery of Bitcoin on Thursday, marking a green start to another trading volume. Amid this, the digital asset’s trading volume has jumped significantly in just the last day, a development that could drive the cryptocurrency toward the coveted $2,000 level.
Ethereum Daily Trading Volume Rises By 35%
According to coin data tracking website Coinmarketcap, the Ethereum daily trading volume has seen one of the most rapid rises in the last day. At the time of this writing, the Ethereum daily trading volume has ballooned to over $7 billion. This increase is a solid 35% higher than the daily trading volume recorded the prior day.
The ETH/USDT trading pair has accounted for the majority of this volume with this trading pair on the Binance exchange alone crossing $610 million. However, the ETH/USD pair on Coinbase, the largest cryptocurrency exchange in the United States, has climbed to one $156 million as well.
This rise in trading volume has seen the digital asset’s price reclaim support above $1,940, albeit a shaky one. Nevertheless, it shows the bulls are currently waking up once more and their renewed interest, as shown in the jump in trading volume, could be a catalyst to pushing the coin’s price toward $2,000.
ETH price continues to hold $1,900 support | Source: ETHUSD on Tradingview.com
But Can ETH Touch $2,000?
One thing that continues to prop up the price of Ethereum is the fact that investors are willing to buy the digital asset at higher prices than they did just a couple of weeks ago. Evidence of this is the fact that the cryptocurrency is still trading well above its 100-day and 200-day moving averages.
Both of these averages paint a bullish picture because despite being cheaper not too long ago, investors are still bullish. And the expectation that the price of Ethereum could reach as high as $2,000 continues to drive buying pressure even at current prices above $1,900.
Right now, the digital asset has already established support above $1,900, which suggests that bulls have gotten their feet planted at that level. What matters now is the resistance that holds ETH back at $1,960, a level that was rejected in the early hours of Thursday.
If ETH is able to comfortably clear the $1,960 resistance, then $2,000 becomes this next target. Given the significant rise in trading volume, ETH could be testing this level before the weekend rolls around. A successful climb above $2,000 then sets the path right toward $2,500.
Presently, ETH’s price is ranging around $1,900, representing a 1% gain in the last 24 hours.
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com