Today is proving to be a rather interesting day for most cryptocurrencies Although there seems to be a tug-of-war between bears and bulls right now, the Ethereum price is trending up ever so slightly. Thanks to some solid overnight gains, the value per ETH is trying to reach $720 once again. Holding on to that price point will be quite challenging, for obvious reasons.
Ethereum Price Climbs Above $700
It has not been the best start of the year for the Ethereum price. In fact, one could argue the first few months of this year have been pretty bearish for the Ethereum price, although the same can be said about all other cryptocurrencies at this stage. Whether or not the Ethereum price can continue this uptrend for much longer, is always a topic of debate.
In the past month, we have seen the Ethereum price from just under $400 all the way to $720. It is a remarkable growth, although we are still a long way removed from the all-time high ETH value of over $1,200. Reaching that value again will not be easy whatsoever, even though it is not impossible to achieve that value later this year. It will heavily depend on how the Bitcoin price evolves, but so far, it doesn’t seem as if any miracles should be expected.
Thanks to another 5.36% gain over the past 24 hours, the Ethereum price appears to be in a good place right now. Although there is still plenty of room for growth and profits, the short-term picture seems pretty promising. From a long-term perspective, it seems this slow and steady uptrend will continue for quite some time, although there will be a few hurdles along the way. Nothing can rise in value indefinitely. especially not in the world of cryptocurrency.
Thanks to $3.09bn in 24-hour trading volume, the demand for Ethereum is not slowing down by any means. Although the trading volume is a lot lower than people might want it to be, it has become apparent other currencies go through similar struggles as well. If this volume remains at this level or perhaps manages to increase a bit, we will undoubtedly see more Ethereum price action moving forward.
The way things stand right now, Bitfinex is the biggest exchange for Ethereum trading volume. It has a substantial lead over Binance and Huobi. OKEx’s USDT and BTC pairs complete the top five, with all pairs generating $110m in volume or more. There is only one fiat currency pair in the top five, though, which is a bit worrisome at this stage. Even so, it doesn’t seem to hinder the Ethereum price momentum all that much.
How all of this will look in a few days from today, is impossible to determine. The Ethereum price is doing a lot of things right, but most people would love to see things pick up the pace sooner rather than later. With Bitcoin’s value also going up at the same time, the coming few days will be pretty interesting to keep an eye on. If the Ethereum price can remain above $700 for the remainder of the week, future gains will remain on the horizon.