Not too much is happening in the cryptocurrency markets right now, as weekends hardly ever bring any major positive changes. In fact, there is only one currency among the top 10 which is noting a gain right now. The Ethereum price has gone up a rather impressive 2.57% over the past 24 hours, bringing it back above the US$300 level for the first time in a few days.
Ethereum Price is Rebounding Nicely
Similar to any other major cryptocurrency, Ethereum goes through periods of extreme volatility. The past week has been a struggle to reach and surpass US$300 for some reason, although it seems things are finally headed in the right direction. More specifically, the Ethereum price now sits at US$307.54, which is a nice appreciation over the past 24 hours.
Although no one denies Ethereum is a valuable ecosystem, the market is always subject to some degree of manipulation. No one can deny there is some degree of price action that is not entirely natural. This is not just the case with Ethereum, mind you, as every major cryptocurrency is periodically affected by market manipulation. These odd price actions become a lot more prominent on some days than on others.
As far as the Ethereum price is concerned, things have been pretty volatile all week. The US$300 level has been tested, surpassed, and lost on multiple occasions, which clearly indicates someone has been working hard to keep the price down. At one point, the Ethereum price dropped below US$290, although that dip didn’t last all that long. Over the past 48 hours, we have seen solid upward momentum as the price has moved from US$289.75 all the way to US$311.52.
Every gain in the cryptocurrency world will invariably be met with a small correction shortly afterward. As of now, the Ethereum price has corrected all the way to US$307.54, although it is not a steep decline by any stretch of the imagination. Whether or not this means we will see the Ethereum price retrace to below US$300 again remains to be determined. It is evident some people will take profits along the way, as no gain can be left “unpunished” in the financial sector.
One thing working in Ethereum’s favor is how the currency is seeing solid trading volume right now. That volume has been lacking a bit over the past few days, but it is back to a solid US$409 million right now. That’s a pretty good number, to say the least, especially considering most other altcoins have made do with a whole lot less. At this rate, Ethereum will reach close to half a million dollars worth of trading volume in the next few hours.
One thing that is somewhat surprising is how Bithumb leads the list of exchanges ranked by Ethereum trading volume. It has a big lead over the rest right now, with Bitfinex and GDAX closing out the top 3. In fact, the entire top 5 exchanges are dominated by fiat currency trading pairs right now, which is a very positive sign for Ethereum. Demand by USD and KRW holders is definitely picking up; that much is certain.