Ethereum Price Fails to Turn the $300 Level Into Solid Support

The Ethereum price matters to a great deal of people these days. Given the altcoin’s bullish run throughout 2017, a lot of people decided to purchase ETH in the hope of making a profit. Ever since the Ethereum price hit US$400, however, it has struggled to remain above US$300. Even these days, we see ETH drop below US$300 on a regular basis despite some solid attempts to reclaim that position.

Ethereum Price Still Seeks Solid Support

No one can deny the cryptocurrency markets have all been pretty volatile over the past few weeks. Any trend that seemed to have solidified was turned on its head and new altcoins suddenly entered the ranks of the top cryptocurrencies. It is very difficult for any major currency to find solid support right now. The Ethereum price is perhaps the best example of the recent volatility we have seen in all markets as of late.

Even the past week has seen some interesting Ethereum price swings, to say the least. With the value dropping from US$305 to US$292, a downtrend had seemingly set in. However, this dip was bought and the Ethereum price quickly pushed past US$300 again. A second dip pushed the price below US$285 for a brief moment before it surged to US$312 again. This degree of volatility is excellent for speculators, but it makes the average holder quite nervous.

As of right now, we are dealing with an Ethereum price which can’t get back to that US$300 mark for some unknown reason. Several attempts have been made over the past 24 hours to successfully reach that goal, yet the upward momentum was rejected on four different occasions. As a result, steam is running out and the price sits just below US$298. Overcoming these mental price barriers is a lot more difficult than most people realize.

The Ethereum trading volume is decent, if not spectacular. One would expect the world’s second-largest cryptocurrency by market capitalization to generate close to half a billion dollars or more in daily volume. Over the past 24 hours, Ethereum has generated just US$286.5 million worth of volume. The term “just” is used a bit loosely here, merely to indicate this figure is well below what one would expect from this currency at this point in time.

Unsurprisingly, Bithumb is the main beneficiary of Ethereum’s trading volume right now. Bitfinex is in both second and third place on the list of markets ranked by volume, with its USD and BTC pairs respectively. With 7 different markets generating over US$10 million in 24-hour volume, liquidity isn’t an issue whatsoever. That is a positive sign, even though the demand for Ethereum is waning a bit right now. Considering that the weekend is almost upon us, that is not unusual whatsoever.

It will be interesting to see what the weekend brings for the Ethereum price. Right now, it seems impossible for the latter to rise above US$300 and turn this level into solid support again. That doesn’t mean the Ethereum price won’t surpass US$300 in the next few days, though. It is all about solidifying support levels before moving up again, and right now the ETH support sits below US$300.