LMAX Digital volumes have been trending up this week and were consistent with this trend on Wednesday. Total notional volume for Wednesday came in at $459 million, 18% above 30-day average volume.

Bitcoin volume printed $330 million on Wednesday, 36% above 30-day average volume. Ether volume came in at $99 million, 8% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,686 and average position size for ether at 2,404.

Volatility has been showing signs of picking up off yearly lows. We’re looking at average daily ranges in bitcoin and ether of $1,168 and $122 respectively.

Volumes have been on the upswing this week, which has been encouraging. Unfortunately, this hasn’t been accompanied by any upside in price. It seems the summer doldrums are in full swing at the moment.

This leaves us focusing on the technicals where there have been signs of recovery, though more bullish momentum will be needed to encourage this prospect.

Looking at bitcoin, key resistance comes in at $24,670, and a break above will be required to open the next upside extension. Until then, the overall pressure remains on the downside.

Looking at ether, key resistance comes in at $1,795, and a break above will be required to open the next upside extension. Until then, the overall pressure remains on the downside.