A 48% drop on the 3X Long Ethereum Token market last week (November 12 - November 18) signals that the sellers are gaining strength.
The bearish behavior of 3X Long Ethereum Token last week was characterized by the occurrence of downswings. The situation on the ETHBULL market shows that the underlying asset is currently experiencing a period of high volatility. Last week’s market conditions reflected on the market capitalization of the asset, which was falling. The past week’s price movement of the crypto coin was accompanied by the falling trading volume on the corresponding market.
We have established that the average volatility of 3X Long Ethereum Token was at 42.02% in concert with its rapid price change. November 12 was the day when the asset was the most volatile, with the volatility going as high as 42.02%. On November 18, the coin's volatility was at its minimum level of 1.08%. The high volatility of 42.02% points to the possibility of unpredictable and violent price action.
The bears were dictating the terms on the 3X Long Ethereum Token market on November 12 - the trading session opened at $1.1. On November 12, the first trading session of the reviewed time period, the market participants saw ETHBULL moving down by 16%. On November 13, the price of the coin has shifted by 47% from the daily open on the back of a good trading volume. During the next trading day, the rate of change in the price of 3X Long Ethereum Token stood at 32% having reached the low at $0.41 and the high at $0.67 as the advantage remained on the side of sellers. The ETHBULL market was up as the price shifted by 36% on November 15, against the backdrop of the sufficient trading volume. November 16 kicked off with 3X Long Ethereum Token trading opening at $0.5 and then closing the session at $0.46, establishing the 24H low at $0.45 and 24H high at $0.52 in the process. The crypto coin opened the trading session on November 17 at $0.46 and finalized it at $0.47; the highest point of price action was at $0.52, the lowest was detected at $0.46. The coin's market saw no changes on November 18, as the market flatlined. Over the course of all trading sessions, the asset established the weekly low at $0.34 while buyers managed to push the price up to the weekly high at $1.22. The price action on the weekly time frame made 3X Long Ethereum Token within the 48% range from its weekly low to the weekly high, while the oscillation amplitude between these price points amounted to $0.44.
The past 7 days were marked by a change in average daily trading volume from $194 610 on November 12 to $27 549 on November 18. Over the week that came before the analyzed time span, the average trading volume of ETHBULL ranged between $216 899 and $7 168 493. The 98% change in trading volume in the asset's market, compared to last week, supported the price movement that allowed the cryptocurrency to alter its value by 48%.
The total market capitalization of 3X Long Ethereum Token during the past 7-day oscillated between $2 698 941, the starting point that was established on November 12, and $1 070 941 on November 18, the end date of the reviewed period. 60% was the calculated percentage change for the ETHBULL market over the past week. The 60% change in the coin's market capitalization affected the price rate that saw a 48% shift in the same time period. The comparison with the 3X Long Ethereum Token market capitalization seen during the time period November 5 - November 11 that occurred before the observed one, which changed by 67%, from $17 325 963 to $5 796 642, allows us to get a clearer understanding of current market conditions.