The cryptocurrency markets are always evolving in many different directions. Right now, the overall sentiment is pretty depressing, as the markets have gone down in value for quite some time now. With some markets losing 10% in value or more, things are not looking all that great. Especially the Ethereum price is struggling as of right now, for some reason.
Ethereum Price Struggle Continues
Anyone who has paid attention to cryptocurrency markets this year will have noticed things are not going exactly as planned. This is especially true for people who have high hopes for the Ethereum price, as things have ground to a halt some time ago. After surpassing $1,000 last year, the Ethereum price has not been close to hitting that target again for over a month now. It doesn’t appear we will see that high Ethereum price anytime soon either.
Over the past month, it has been pretty evident the Ethereum price is struggling for traction. Although there was a push to $1,000 a few weeks ago, this trend did not materialize in full Instead, things took a turn for the worse once again, as the Ethereum price has been on a steady decline ever since. After dropping below $950 again, the Ethereum price quickly dipped to $900, $850, and is now struggling to reclaim the $800 level.
This is partially due to the recent Ethereum price decline of 7.62%. Although Ethereum has not suffered from much of a loss compared to the Bitcoin value itself, Bitcoin is certainly dragging all altcoins with it at this rate. Unless Ethereum can gain momentum over Bitcoin, the USD value of this altcoin will not go up anytime soon. Moreover, with the ETH/BTC ratio declining as well, there is no Ethereum price improvement in sight as of right now.
With $1.9bn in 24-hour trading volume, things are not looking all that bad for Ethereum as of right now. The demand to trade this altcoin is certainly there, but it seems the sellers vastly outweigh the buyers as of right now. This situation can turn around at any given moment, but for the time being, the bearish momentum will remain in place.
As of right now, the biggest exchange for Ethereum trading is OKEx. Their BTC and USDT pairs combine for over 16% of all trades, which is well ahead of Bitfinex, Huobi, and Binance. There is just one fiat currency pair in the top three, and three fiat currency pairs in the entire top ten. One of these top 10 pairs is the Korean Won, which doesn’t matter to the rest of the world in the slightest.
For the time being, it seems evident the Ethereum price will continue to decline for a while to come. Hitting $750 or potentially lower is not out of the question as of right now, yet a lot of holders hope their fortunes will change sooner rather than later. Right now, it is unclear if and when that will happen exactly, as the current trend does not instill a lot of confidence. Then again, that is par for the course, as this trend materializes during the first half of every year.