Trading Volumes Don't Indicate That a True Recovery Has Started for ETHTrading volumes are currently accounting for 4.5% of the asset's circulating market cap. At around $10 billion, these are strong volumes compared to the usual daily readings of these last few months. Ethereum Daily Trading Volumes and Moving Averages – Source: SantimentWhenever the 7-day moving average has crossed above or below the 30-day MA, this has marked the beginning of strong bearish or bullish price movements for ETH. Ethereum On-Chain Metrics – Source: DeFi LlamaMeanwhile, July's total transactions seem to be heading to close below that 60 million mark, which would result in the third consecutive monthly drop. Daily Chart Confirms Bullish Bias – ETH Could Rise to $2.2KEthereum's W-shaped bullish pattern was recently confirmed after the token broke above the $1,800 resistance.