Interesting changes continue to occur in the world of cryptocurrency at an accelerated pace. Despite a good first half of the year, the Ethereum price has seen severe struggles to finally surpass $350 again. Such a change occurred last night, as the Ethereum price seemingly went through this resistance like a hot knife through butter. Whether or not this momentum will be sustained for more than one full day, is always the big question.
ETHEREUM PRICE SHOWS BULLISH SIGNS
It is good to see most altcoins finally recovered now that Bitcoin’s bull run has been kept in check for some time. Although it is only a matter of time until the Bitcoin price reaches $8,000 and more again, the spotlight is on alternative currencies right now. The Ethereum price, for example, has noted strong gains in both USD and BTC value over the past 24 hours. Going up by over 7.4% in both departments isn’t too shabby.
More specifically, we have seen a pretty solid degree of accumulation for Ethereum most of this week. Someone was more than content to keep the Ethereum price around the $330 mark without it gaining or dropping too much for any specific period. This flat chart was bound to be broken sooner or later. It could have easily been a major Ethereum price crash as well, but so far, things are playing out pretty well. Do keep in mind this is the weekend, and the regular trading trend will be resumed tomorrow.
Thanks to these solid gains in both USD and BTC value, the Ethereum price has finally surpassed $350 once again. It is good to see this momentum happen at such a critical point in time. Most people tend to overlook the altcoin markets right now, but that would be a grave mistake. All top 10 cryptocurrencies are in the green with the exception of Bitcoin Cash, Dash, and NEO. All three of those currencies have seen a semi-pump this week, though, and a correction is bound to happen afterward.
This Ethereum price surge is partially made possible thanks to increasing trading volume. It has been a while since we last saw over $1bn worth of ETH trading volume in 24 hours. A strong demand, to say the very least, especially when considering how we see four fiat currency trading pairs leading the charts. This is not merely people converting Bitcoin to Ethereum and vice versa, like with most other altcoins which have seen “organic” growth this week.
Speaking of the Ethereum trading volume, Bithumb is the biggest benefactor right now. Bitfinex is trying to compete for the top spot, but they are over $70m in volume behind. Coinone completes the top three, with barely over half the volume of Bitfinex. An interesting top three, yet it also shows Bithumb is mainly responsible for these price gains. Traders on that platform have gone absolutely nuts for most of the supported altcoins as of late.
How the Ethereum price will evolve over the next few hours and days, remains anybody’s guess. The current momentum seems to favor the Ethereum price, but one also has to keep in mind profit-taking will set in soon. A lot of buyers are nearing a 10% profit, which is more than sufficient for some to liquidate holdings and repeat the cycle. At the same time, the current amount of trading volume may turn that into a far too risky strategy.