For Ethereum price watchers the year 2018 has been rather abysmal. This is not entirely abnormal, as a massive price correction was to be expected after the crazy year we had in 2017. As of right now, the Ethereum price is noting some positive momentum again, as its value may surpass $400 again later today.
Will the Positive Ethereum Price Momentum Last?
If there is one thing people have to admit about the Ethereum price, it is how this market is getting battered and beaten week after week. With all other markets going through a similar brawl, it is not entirely surprising to see Ether lose a lot of value. With the price dropped below $400 some time ago, people were genuinely getting concerned about this altcoin.
As is usually the case in the cryptocurrency world, positive momentum can appear out of nowhere. Over the past 24 hours, we have seen the Ethereum price rise by 4.61%. This is a very modest gain for the world’s second-largest cryptocurrency by market cap, yet it is a welcome change nonetheless. As a result of this small gain, the Ethereum price is on the verge of surpassing $400 again..
As one would expect, Ethereum is also gaining on Bitcoin, albeit ever so slightly. A 1.71% gain in favor of the altcoin means virtually nothing when looking at the bigger picture. Still, it is a glimmer of hope Ethereum price speculators have been waiting for all year. How long this small uptrend will last, is difficult to determine.
Ethereum generates under one billion in trading volume over the past 24 hours, which is rather remarkable. Although all cryptocurrencies suffer from lower trading volume, it doesn’t happen all that often the demand for Ethereum decreases in semi-spectacular fashion. A worrisome trend to keep an eye on, although things will probably improve in the weeks to come.
Bitfinex is, once again, firmly in the lead when it comes to Ethereum trading volume. Its lead over OKEx is very slim, though, and Binance is not all that far behind either. All of this shows a pretty diversified trading ecosystem for Ethereum, although it will not necessarily make any big impact in the hours to come. Only one fiat currency pair in the top five is rather troublesome, but things should turn out just fine.
How all of this will play out for the Ethereum price, remains to be determined. With the overall bearish pressure still dominating the markets, it seems no long-term gains can be secured as of right now. A peak above $400 is more than welcome for Ethereum, albeit finding stability near this price level will be challenging, for obvious reasons.