The coming hours may prove to be crucial for the cryptocurrency industry. With all markets still in the green as of right now, the current situation looks rather promising. Even the Ethereum price is heading in the right direction, as it will seemingly hit $500 again later today. That would be an interesting development for the world’s second-largest cryptocurrency by market cap.
Ethereum Price is Still on the Rise
As is usually the case when the momentum is positive in the cryptocurrency industry, there is a lingering fear of how things will turn bearish fairly quickly. So far, this has not happened in the cryptocurrency industry over the past few days. In fact, it would appear the bullish momentum is intensifying, although next week can still look very different.
For the Ethereum price, the current momentum is surprisingly positive. The altcoin has seen a 4.93% value increase in the past 24 hours, which is pretty impressive, all things considered. As such, it is expected the Ethereum price will hit $500 later today, although reaching that value may prove to be a bit more problematic than originally anticipated. Maintaining that price level will be pretty challenging as well.
There is also an interesting development in the ETH/BC ratio over the past 24 hours. This ratio has increased by 2.26% in the past 24 hours despite the Bitcoin price going up in value as well. It has become apparent the cryptocurrency thrives when Bitcoin does well, even though most currencies tend to note extra gains on top of the increase in USD value caused by Bitcoin itself.
On the trading volume front, things are looking pretty good for Ethereum as well. Its trading volume hasn’t decreased all that much over the past few days and seems to hold its own near the $1.4bn mark. If this trend keeps up, the current Ethereum price may look relatively low compared to what may be yet to come in the coming days.
Bitfinex is still in the lead when it comes to Ethereum trading volume. Its lead over OKEx is not all that big, and Binance is also in the top three. BitForex and Huobi complete the top five. Four USDT pairs and one USD pair in the top five cna introduce a lot of fresh capital to Ethereum at this stage. Surprisingly, all USDT pairs put the Ethereum price at over $510, whereas the rest of the world is closer to $486.
All things considered, things couldn’t look much better for the cryptocurrency markets. Positive momentum all around has a positive impact on all values, including the current Ethereum price. As such, it will be interesting to see how things evolve in the coming days and weeks. Mondays usually turn bearish pretty quickly as traders cash out their profits accordingly.