Ethereum, the altcoin king, is facing a rather turbulent market session today, recording losses of over 3% within the last 24 hours.
ETH, trading at $1760 as of press time, recorded a decrease of 3.18% as it sat on a weekly loss of 7.3%. ETH’s trading volume dropped by over 8% within the same period.
Ethereum’s volatility levels are rising amid its bearish trend today, with the Bollinger bands utilized in the estimation of market volatility diverging away from each other, displaying the uncertainty on ETH’s network.
The relative strength index also moves below its average line, indicating a possible bearish momentum on ethereum. The MACD indicator also backs a bearish momentum as it moves negatively, indicating much bear activity on the network.
CZ bets on an ETH rally
However, despite the downtrend on ETH, Changpeng Zhao (CZ) has expressed optimism about the asset amid its current set of new records in the past few weeks.
Source: https://crypto.news/ethereum-dips-below-1-8k-cz-optimistic-on-an-eth-rally/