Ethereum surpassed its previous all-time high for trading volume this week with more than $17 billion being traded across numerous exchanges on Tuesday.
The spike in volume coincided with a ferocious rally from $143 to $172, with price eventually being rejected at the 200 exponential moving average (EMA).
During the bull market in 2017, Ethereum’s daily trade volume failed to exceed $10 billion, which reiterates the sheer amount of interest in this week’s hike in price.
The previous all-time high of $16 billion came during last summer’s rally to $360, which coincided with Bitcoin’s rise to dizzying heights of $14,000.
However, while the increase in volume is undoubtedly a positive for Ethereum, it now faces a stern test of the 200 EMA, which has been a bitter point of resistance throughout Ethereum’s price history.
A break above this level would lead to a continuation of this week’s rally to the next level of resistance at $182, with further upside targets coming in at $202 and $235.
What happens next will also depend on the trajectory of Bitcoin over the coming weeks as it attempts to propel itself above the staunch $8,830 level of resistance.
If Ethereum begins to play out the recent rejection to the downside, levels of support remain at $160, $151, and $139.
For more news, guides, and cryptocurrency analysis, click here.