The past few days have been somewhat troubling for the Ethereum ecosystem. After all, the recent cryptocurrency news out of China spooked all the markets and sent prices tumbling. The Ethereum price also saw its fair share of setbacks, dropping from US$326 to US$268 in a matter of days. Right now, the Ethereum price is back above US$300, which seemingly confirms that the market has sufficiently recovered and will start moving up once again.
Ethereum Price Rises Above $300 Again
In a way, a lot of cryptocurrency users expected the Ethereum price would suffer even more substantial losses due to the news out of China. With the banning of cryptocurrency ICO activity in China, it would have certainly been possible to see the Ethereum price drop to US$150 or less. However, ICOs are not the only use cases for the Ethereum ecosystem, although some people may disagree on that front.
No one can deny the news has sent some shockwaves throughout the Ethereum market, though. Then again, the same logic applies to virtually any other cryptocurrency market in existence today. When the Bitcoin price drops significantly, all altcoins follow the trend, for some unknown reason. In the case of the Ethereum, its price drop came in the form of a decline to US$268 over the past few days – a very long way from the US$400 all-time high and a sharp decline from US$326 just a few hours prior.
However, it seems as if the Ethereum price has started to rebound once again. With a current value of US$302.49, there is no reason to be concerned whatsoever. Ethereum is gaining value in both the USD and BTC markets, which shows this trend is not just related to the Bitcoin price recovery. Then again, if the Bitcoin price were to collapse once again, it is certainly possible the Ethereum price would do the exact same thing. For now, though, things are looking pretty solid for Ethereum, which is a good sign.
The recent Ethereum price recovery was aided by around US$600 million in 24-hour trading volume. It is not a record in terms of volume by any means, but it goes to show that one doesn’t need US$1 billion in volume for things to move in any direction. Litecoin saw a similar price surge yesterday with even less trading volume. A lot of people are keeping their money in Bitcoin for the time being, which means altcoins may see smaller gains moving forward. Then again, the Ethereum price increased by 4.29% over the past 24 hours, which is a more than respectable trend.
Speaking of Ethereum’s trading volume, Bithumb remains the number one market for the time being. South Korean traders have taken a liking to cryptocurrency in recent months, and it appears their demand is nearly insatiable these days. OKCoin and Bitfinex close out the top 3 exchanges, which is good to see. It is remarkable there is only one ETH/BTC trading pair in the entire top 10 right now. That is highly irregular as far as Ethereum is concerned, but it shows people aren’t willing to part with their bitcoins just yet.
With the Ethereum price having surpassed US$300 again, it is certainly possible we will see a new all-time high at some point. That is assuming this uptrend is not just a temporary reprieve from the overall bearish attitude plaguing cryptocurrency markets these days. If the trading volume remains stable and dominated by fiat currency pairs, things could get very interesting for Ethereum in the coming days. This is an interesting market to keep an eye on; that much is certain.