All cryptocurrencies are still enjoying a lot of bullish momentum as of right now. Although it remains to be seen how long the positive trend will last, things look pretty promising for the Ethereum price as of right now. Thanks to strong overnight gains, the Ethereum price has surpassed $800 for the first time since early March 2018. A very surprising development, although one worth keeping an eye on.
The Ethereum price Momentum Remains in Place
Whenever a particular cryptocurrency surges in value in quick succession, there is a genuine expectation of how the momentum will turn bearish again sooner rather than later. For the Ethereum price, that bearish momentum has not materialized as of yet, as the value simply keeps going up day after day. It is a very peculiar trend although one that may warrant a brief Ethereum price correction at some point in the near future.
Over the past 24 hours, the Ethereum price has surged by another 11.67%. Although Bitcoin and most other top cryptocurrencies are noting strong gains as well, It is evident Ethereum is doing a far better job, for some reason. This increase effectively pushed the Ethereum price above $800 again, albeit it is expected there will be a fair bit of resistance at this level throughout the remainder of the day and possibly all weekend as well.
It is also interesting to note how Ethereum continues to gain on Bitcoin with relative ease. Thanks to another 5.31% increase in the ETH/BTC ratio, one Ether is now valued at 0.082 BTC again. It has been a while since the ETH/BC ratio looked so healthy, although it is still a long way removed from the 0.15 BTC ratio we saw in late 2017. Whether or not such a ratio can be achieved again at some point throughout 2018, remains unclear at this stage.
Ethereum has no lack of trading volume right now. With over $4.03bn in 24-hour trading volume, the demand for Ether hasn’t slowed down in the slightest. Although the volume could still be a lot higher moving forward, the current trend looks rather promising for Ethereum in general. If this demand keeps up, maintaining an Ethereum price of $800 shouldn’t pose much of a problem.
Bitfinex has retaken control of the Ethereum trading volume, which is not entirely surprising. Binance comes in second placed, with a small lead over Huobi. Binance’s and OKEx’s USDT pairs complete the top five, which makes for a rather interesting list in general. While there is only one fiat currency pair in the top five, there is seemingly nothing to be overly concerned about as of right now.
Whether or not the Ethereum price momentum will remain firmly in place, is very difficult to predict. The past week and a half have been extremely bullish already, and nothing can go up in value forever. Even so, there are expectations of how the Ethereum price will hit $15,000 later this year. Right now, that seems highly unlikely, although cryptocurrency is a crazy market first and foremost.