The price of Ethereum (ETH) continues to rise amid an extended rally that has been fueled, in part, by heavy trading volumes.
Sentiment towards cryptocurrencies has improved as global trade tensions ease, with the price of Bitcoin (BTC) hitting a record high above $111,000 U.S. in recent days.
Ethereum has participated in the rally, rising 2% in the past 24 hours to trade at $2,568.55 U.S. per digital token.
Since its April lows a month ago, Ethereum’s price has gained 43%.
Analysts say Ethereum is navigating a critical technical zone between $2,500 U.S. and $2,530 U.S., where resistance must be overcome for continued upward movement.
This has led to heavy trading volumes in Ethereum in recent days. Trading volume in Ethereum has totaled 291,395 units, nearly three times the daily average.
However, institutional interest in the crypto remains strong, with spot Ethereum ETFs recording positive inflows.
Recent price action shows bullish momentum for Ethereum, with the cryptocurrency reclaiming the $2,515 U.S. support level.
Despite the current upswing, Ethereum’s price remains down 23% on the year.
