Even though most cryptocurrencies appear to be recovering, it remains to be seen how long this momentum will last. Even the major currencies noting some decent growth over these past 24 hours. The Ethereum price, for example, is up by 4.57%, pushing its value to $560 once again.
Finally Positive Ethereum Price Momentum
Anyone who has kept a close eye on the Ethereum price throughout 2018 will have noticed a rather worrisome trend. Similar to most other cryptocurrencies, the Ethereum price has declined significantly compared to its all-time high in late 2017. Not entirely surprising, as Ethereum – along with other currencies – mainly follow the Bitcoin price momentum first and foremost.
These past seven days have been no different in this regard. More specifically, the Ethereum price has dropped from over $650 all the way to $530. Not the trend most speculators have been waiting for although there isn’t much to be done about the current situation.
Thanks to this most recent 4.57% increase, the Ethereum price has successfully risen to $560 again. It is a temporary uptrend which will most likely be pushed down fairly soon. If the previous trends are any indication, there will be no room for any positive momentum whatsoever. Even so, this time may be different, as cryptocurrencies remain unpredictable.
With $2.341bn in 24-hour trading volume, the demand for Ether appears to be picking up. It is not a significant increase compared to the previous days, but the current trend is still a lot better compared to what most people would have expected. With the current momentum in place, it will be interesting to see how long the momentum can remain in place.
The way things look across the trading platforms right now, Bitfinex appears to be the most popular exchange with its USD market. OKEx, Huobi, and Binance are all bringing USDT markets to the table. GDAX completes the top five with another USD market. Fiat currency pairs are slowly making an impact on cryptocurrency again, which is rather interesting.
As is always the case, there is little point in making any Ethereum price predictions right now. As long as the Bitcoin value remains somewhat in the green, most altcoins will thrive. Even so, there is always a chance all of these brief gains are wiped out before the day is over. Cryptocurrencies are an odd market, and that situation will not change soon.