{"id":85378,"date":"2023-11-16T14:40:58","date_gmt":"2023-11-16T19:40:58","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/ethereum-price-prediction-as-24-hour-trading-volume-surges-to-24-billion-time-to-buy-the-eth-dip\/"},"modified":"2023-11-16T14:40:59","modified_gmt":"2023-11-16T19:40:59","slug":"ethereum-price-prediction-as-24-hour-trading-volume-surges-to-24-billion-time-to-buy-the-eth-dip","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=85378","title":{"rendered":"Ethereum Price Prediction as 24-Hour Trading Volume Surges to $24 Billion \u2013 Time to Buy the ETH Dip?"},"content":{"rendered":"
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Ether (ETH) continues to chop either side of the $2,000 level as bullish momentum cools following the cryptocurrency\u2019s rejection of a retest of the 2023 highs in the $2,100s earlier this month.<\/p>\n

The ETH price was last down around 3.5% on the day in the $1,980s, but still within this week\u2019s $1,930 to $2,100 ranges.<\/p>\n

As per CoinGecko, trading volumes recently surged to as much as $24 billion in 24 hours, indicative of the fact that market activity remains elevated in wake of BlackRock\u2019s recent moves to set up its own spot Ethereum ETF.<\/p>\n

Price Prediction \u2013 Time to Buy the Dip?<\/strong><\/h2>\n

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With Ether back below $2,000 and down more than 7% from its recent highs, some traders might be asking whether now is a good time to buy the dip.<\/p>\n

Well, fundamentals certainly suggest so.<\/p>\n

Not only is Ether set to continue benefitting from optimism that spot Ethereum ETFs could be coming in 2024, but macro has also been a major tailwind for the crypto market this week, with US stocks pumping and the US dollar and US yields pulling aggressively lower.<\/p>\n

Those moves in traditional assets come as macro investors ramp up bets that a US Federal Reserve cutting cycle is coming in 2024 in wake of weaker-than-expected US inflation data for October, that came on the heels of soft US jobs and manufacturing data released earlier in the month.<\/p>\n

Dovish policy pivots from the Fed (i.e. a switch from rate hikes to rates cuts) have in recent years generally been very bullish for Ether and other cryptos.<\/p>\n

Ether\u2019s supply also recently turned deflationary again amid an upturn in on-chain activity, meaning a higher ETH token burn rate.<\/p>\n

As per data presented by Glassnode, the ETH deflation rate was last around 2% per year and the narrative of ETH as a deflationary cryptocurrency could soon regain ground, supporting its price.<\/p>\n

Chart analysis is also suggestive a positive outlook for ETH.<\/p>\n

Earlier this month and in wake of the BlackRock ETF news, Ether surged above a downtrend that had been in play since the prior annual highs.<\/p>\n

Should the cryptocurrency retest and find support at this downtrend in the $1,900 area, this could be seen as confirmation that a new bullish trend is intact.<\/p>\n

A subsequent break above prior yearly highs in the mid-$2,100s could open the door to a swift move higher towards the $3,000s.<\/p>\n