All cryptocurrencies are still suffering from a lot of bearish momentum right now. Although things have begun to pick up a bit, there is no real positive momentum to speak of as of yet. The Ethereum price is struggling to remain above $700, despite noting a 1.2% increase in the past 24 hours. This coming weekend will be pretty interesting to keep an eye on in this regard.
WHAT COMES NEXT FOR THE ETHEREUM PRICE?
It has become evident the Ethereum price is of great interest to a lot of people. More investors and speculators will always lead to more price volatility. So far, the year 2018 hasn’t presented any positive trends in this regard, as it is evident the bearish pressure is intensifying every so often. This has resulted in a cryptocurrency market cap dropping below $400bn for most of this week, and it seems there is little room for improvement in the near future.
Even so, the Ethereum price has had a rather interesting week. With the value dropping from $720 to $640 and the rebounding to $720 in the span of a few days, it is evident the interest in Ether isn’t slowing down. Over the past 24 hours, we have noted a 1.2% Ethereum price increase, which effectively keeps the value over $700, for the time being. With the bearish pressure still affecting all markets, it seems unlikely this price point will be held unless something changes dramatically.
Additionally, Ethereum noted a small increase over Bitcoin. While a 0.79% increase in favor of Ether is not exactly impressive, it is still better than a complete standstill. This lull in momentum seems to indicate we will either see a lot more bearish pressure – which is highly unlikely – or this is the beginning of a 2018 trend reversal. Only time will tell which of the two will hold true, as this industry is impossible to predict at any given time.
Thanks to $2.343bn in 24-hour trading volume, things are looking rather impressive for Ethereum. The demand to buy and sell Ether is not slowing down anytime soon, which is a positive development. If the trading volume were to drop off significantly, it becomes a lot easier to manipulate the Ethereum price in quick succession. This is an interesting aspect of the Ethereum price to keep an eye on moving forward.
Looking over the exchanged ranked by ETH trading volume, there are no real surprises to take note of. OKEx is in the lead, followed by Bitfinex, Huobi, and two Binance pairs. With just one fiat currency pair in the top five, there isn’t much fresh money entering the Ethereum ecosystem as of right now. The USDT trading pairs still remain as popular as ever, and the ETH/BTC trading is also making its mark as of right now.
For the time being, it seems the Ethereum price may fall subject to a lot of sideways trading action. Consolidation at this stage is not a bad thing, as it is a lot better than dealing with massive bearish price pressure. For the Ethereum price, maintaining this $700 price level will be extremely difficult, although not entirely impossible either. A lot will hinge on how the Bitcoin price evolves, as it can drag all alternative currencies with it fairly quickly.