Depending on how all of the cryptocurrency markets evolve in the coming hours, there may be some further positive momentum to enjoy. If that momentum were to materialize, it may push the Ethereum price to $600 again. That in itself would be a major victory after a very difficult week for this currency.
Ethereum Price Struggle Remains
Although all cryptocurrencies have suffered from the big dip earlier this week, the Ethereum price took a rather big stumble in the process. With a drop from over $600 to $513 in a matter of two days, a lot of people were growing concerned over what the future will bring. It is rather uncommon for the world’s second-largest cryptocurrency by market cap to see such volatile swings.
Even so, that dip has been bought and the Ethereum price has regained some of its lost value in the process. Even though the rise to $575 was rejected at first – followed by a dip to sub-$550 again – the uptrend has been resumed ever since. This most recent 2.98% gain pushes the Ethereum price to over $591.5 again.
What is rather peculiar is how Coinmarketcap reports the ETH/BTC ratio has remained unchanged. More specifically, Ether hasn’t gained or lost anything compared to Bitcoin, which is very, very unusual. It is likely this is just an API bug, yet most platforms are trading at the value as reported by CMC. Rest assured this “lack of volatility” in the ETH/BTC ratio will not remain there indefinitely.
With $1.845bn in 24-hour trading volume, it seems there is plenty of demand to buy and sell Ethereum at this current value. If the bulls remain in control of the market, an Ethereum price increase to $600 over the course of this weekend becomes a lot more likely. Even so, volatility will remain in place, as no gains go unpunished in the cryptocurrency world.
In line with most people’s expectations, Bitfinex remains the biggest Ether trading platform with its USD market. OKEx’s USDT pair and Binance’s BTC market complete the top three. Further down the line, we see the USDT pair of Huobi and the EOS market of Binance. A very nice mix of different trading pairs, although it remains to be seen if that will benefit the Ethereum price moving forward.
As is usually the case during the weekend, there is no indication how these markets will evolve in the coming hours. For the Ethereum price, it is very likely $600 will be reached either today or tomorrow. Maintaining that value, however, will be a different matter of debate altogether.