The second-largest cryptocurrency witnessed a 24-hour trading of $850,000 yesterday – the highest level since September 15, according to Bitfinex data. Further, the current weekly of $2.9 million is the highest since mid-December.
Meanwhile, 24-hour trading across all exchanges currently stands at $2.33 billion, the highest level since July 18, according to CoinMarketCap.
The sharp rise in trading indicates the investors have likely bought the recent dip in ETH below $200. Hence, the recovery from the 13-month low of $167 to levels above $200 looks sustainable.
Further, the pick-up in trading volumes validates the bearish-to-bullish trend change signaled by the technical charts.
At press time, ETH is trading at $203, having clocked a high of $224 earlier today.