Not much is happening in the cryptocurrency markets right now. It appears a lot of coins are undergoing another round of price corrections, mainly because Bitcoin is struggling to make any significant moves. The Ethereum price isn’t doing all that great, as it failed to surpass the US$300 mark. In fact, its value has gone down by 1.23% over the past 24 hours.
Ethereum Price Meets Resistance at $285
While many people want to see the Ethereum price return to US$300 and more, there is no clear timeframe as to when this will take place. It appeared that was virtually locked in last night, but things took a turn for the worse shortly thereafter. More specifically, the Ethereum price reached US$289 yesterday, which was a strong indication of where the price would head over the next few hours.
Interestingly enough, some market movers felt it was way too early to let the Ethereum price rebound to US$300. Instead, they sold off some coins and drove the price down to US$287.05. Right now, Ether is hovering around the US$282.88 mark, which is somewhere between the high and the low of the current price trend. Whether or not we will see any major price changes in the coming hours remains to be seen, though. For now, there isn’t sufficient trading volume to warrant any major price movements whatsoever.
More specifically, Ethereum is seeing just US$460.5 million in 24-hour volume right now. That is an unusually small amount, although it is not entirely unexpected when looking at the bigger picture. In fact, Bitcoin has very little trading volume now as well compared to other days. The only currency with impressive volume numbers right now is Bitcoin Cash, although it remains to be seen whether that will be any more than a mere pump-and-dump cycle. Anyone who had high hopes for the Ethereum price is sorely disappointed right now, but things can turn around at any given moment.
There is no real exchange market which currently stands out in terms of the Ethereum trading volume. Although Bithumb has a clear lead over Bitfinex and GDAX, the individual amounts are pretty low. This seems to indicate very few people are interested in actively trading Ethereum right now. That won’t necessarily impact the Ethereum price in a negative manner, though. Things seem to be fairly stable for the time being, although this may only be a ruse for the time being. It will be interesting to see what the future holds.
With the upcoming Ethereum hard fork taking place soon, one would expect the Ethereum price to respond in one way or another. Then again, it is certainly possible all of these changes have been factored into the current price already. Moreover, there is the Ethereum Cash project to keep an eye on as well, even though it remains to be seen how much traction that concept will gain over the coming weeks. Very few people appear to be taking it seriously right now.
All things considered, the march to US$300 and beyond will have to wait a bit longer. It is understandable Ethereum enthusiasts may not be too pleased, but all cryptocurrency markets are semi-bearish for the time being. Until we see a major Bitcoin uptrend, no altcoin will see any gains remain in place for more than a few hours. Ethereum needs a Bitcoin price increase to go up in value itself. That’s quite strange considering these currencies are nothing alike whatsoever.