Ethereum’s price remains stagnant, hovering around the $1.6K mark. However, recent trading volume surged by over 78%. This brief market lift, coupled with a jump in crypto market capitalization to $2.75 trillion, has brought Ethereum’s altcoin status back into focus. Despite attempts to recover above $2K, ETH’s bearish trend remains prominent, and the asset continues to struggle for gains. The potential for an upside correction above $2K is considered a crucial factor in this volatile market landscape. 78% increase in trading volume on Ethereum (ETH) suggests that traders are actively engaged even if price action hasn’t followed suit yet. The asset has seen a significant spike in trading volumes, reaching $11.18 billion today. Additionally, there have been instances of large whales withdrawing significant amounts of ETH from exchanges like Bitget. Despite the volatility, recent on-chain data shows that Ethereum is experiencing renewed interest as the MACD line crossed above zero for the first time this year. The Chaikin Money Flow (CMF) indicator, however, suggests capital outflow, potentially indicating weakness in momentum. Analysts remain divided; some predict a potential decline to $1,580 if the trend continues, while others see room for recovery and hope for sustained price growth above $1,688. The Bull Bear Power (BBP) reading at 64.36 highlights a strong bullish momentum in the market, indicating that Ethereum may be poised to benefit from a potential bounce. However, it is important to note that this analysis is based on current data and trends, and the outcome of the market remains uncertain.