Is Ethereum (ETH) Showing Signs of Rebound After Recent Dip?

• Ethereum enters the $2.6K range, over the past 24 hours.
• The Monochrome Ethereum ETF (IETH) began trading on the Cboe Australia exchange.

The largest altcoin, Ethereum (ETH), has briefly recovered from the significant downside pressure. The asset’s price remains caught between crucial resistance levels; it recently surged to the $2.6K range.

Notably, over the past 24 hours, ETH witnessed a moderate spike of 3.13%. At the press time, ETH traded at $2,617 with a market cap of $314 billion. Over the day, ETH recorded the lowest price at $2,529 and the highest at $2,652, as per CMC data.

The market observed a liquidation of $30.22 million worth of ETH during this timeframe, as per CoinGlass data. Besides, the daily trading volume of Ethereum has increased by 29.56% to $19 billion.

On the other side, Monochrome Asset Management has launched the Monochrome Ethereum ETF (IETH). This is Australia’s first exchange-traded fund (ETF) that provides direct access to Ethereum.

The ETF will be available on Australian brokerage platforms, with zero transfer fees and no capital gains tax implications, assuming no change of beneficial ownership.

Will the Current Momentum Persist?

ETH observed a notable decline of over 7.20%, trading at a low of $2,333 in the last seven days. The asset’s price opened the week by trading at $2,431, and stood in the range-bound between $2.3K and $2.5K range.

The four-hour technical chart of ETH displayed the daily relative strength index (RSI) at 59.50, staying in the neutral zone in the market. Besides, the daily frame of the asset highlights the brief bullish state as the short-term 9-day and 21-day moving averages are noted below the current price at $2,472 and $2,501, respectively.

ETH price chart (Source: TradingView)

Looking ahead, Ethereum’s price might climb if the upside correction continues. The asset might rally to a high of $2,726, and possibly could target even higher. Conversely, if the asset falls below $2.5K, it may enter into a period of consolidation.

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