It has been a relatively boring day for all cryptocurrencies so far, although most coins are back in the green. One thing people will appreciate is how the Ethereum price is slowly returning to the US$350 level. Thanks to a solid 5.6% gain over the past 24 hours, the Ethereum price is on the brink of surpassing US$335.
Ethereum Uptrend Results in Solid Gains
Although it’s always difficult to predict how the prices of individual cryptocurrencies will evolve over time, Ethereum is certainly heading in the right direction right now. More specifically, there has been some solid momentum over the past few days, which has elevated the Ethereum price back to the US$335 level. After a few days of hardship, it seems things are once again turning around for this popular altcoin.
To put this in perspective, we saw the Ethereum price drop below US$300 not that long ago. Although it only happened for a very brief moment, it sent a clear signal to the rest of the cryptocurrency community. No coin was safe during the recent Bitcoin and Bitcoin Cash bloodbaths, and it remains to be seen how both coins will perform in the coming days. The positive Ethereum price momentum in place right now could easily turn around at any given moment.
Ever since that dip below US$300, Ethereum has started to rebound nicely. More specifically, the price quickly surpassed US$320 despite a few roadblocks encountered along the way. As of right now, the Ethereum price is very close to US$335, although reaching $350 may be asking too much for the time being. Small incremental gains are always better than pumps and dumps, even though the latter generates more profit in a shorter amount of time.
Thanks to over US$1 billion in 24-hour trading volume, this Ethereum price trend may continue for quite some time to come. It is always hard to get a feel for these trends, especially since they often appear out of nowhere and disappear even quicker. At the same time, the increased trading volume shows there is a demand for Ethereum right now, even though it remains to be seen if this is market manipulation or genuine demand.
No one will be surprised to learn the Ethereum trading volume is dominated by the Bithumb exchange. This particular exchange has generated a lot of trading volume for Bitcoin Cash, Dash, and Ethereum as of late. All of these currencies have seen their respective prices increase out of the blue, mainly thanks to the demand from traders on Bithumb. Why this demand exists remains a big unknown, as there is no noteworthy news capable of driving up the Ethereum price. Then again, people will gladly claim this is not “manipulation” but rather “organic growth”.
How things will play out as far as the Ethereum price is concerned remains to be seen. It is evident there is a lot of positive sentiment among supporters of this currency, despite the clear lack of news. Then again, cryptocurrency markets aren’t rational by any means, and developments like this one occur on a regular basis. It is very likely we will see the Ethereum price surpass US$350 later this week, although that’s difficult to say for certain.