As is usually the case in the cryptocurrency world, losses are followed by gains and vice versa. In this particular case, most of the top currencies are recovering a lot of their value lost overnight. The Ethereum price is the first one to effectively go in the green in the top 10, although it is an ever so small gain. If the momentum can intensify, however, the Ethereum price may reach $750 sooner rather than later.
The Ethereum Price is on the Move
After two days of solid declines, one would expect the cryptocurrency markets to slowly show a sign of recovery. It seems that is indeed what is happening right now, especially where the Ethereum price is concerned. With a small gain over the past 24 hours, things are finally looking up again. It is unclear if this is just a temporary trend or the beginning of another major bull run.
Although a 0.73% increase in Ethereum price will not shock anyone anytime soon, it is still one of the more positive developments in the cryptocurrency markets right now. One has to acknowledge most markets are in a bad place right now, even though the situation is slowly improving as we speak. It only takes small upward momentum to trigger an avalanche of upward momentum, after all. For the Ethereum price, finding stability at $740 and potentially rising to $750 is of the utmost importance right now.
It is also interesting to note how Ethereum is effectively gaining Bitcoin. Granted, this is another very minor gain over the past 24 hours, albeit it is the only positive development in the entire top 10 right now. A 0.67% increase in the ETH/BC ratio pushes Ethereum back over 0.0807 BC. A positive start, but it remains to be seen where things will end in a few hours and days from now. The bearish momentum hasn’t left the markets just yet, by the look of things.
Ethereum notes some strong trading volume. With $2.87bn in 24-hour volume, things aren’t looking all that bad any means. It also shows there is a fair amount of interest in buying Ethereum, especially now that most of the bearish pressure has worn off, for the time being. Considering how the overall cryptocurrency trading volume has declined in the past 24 hours, this trend by Ethereum seems rather impressive.
To no one’s surprise, Bitfinex is still the leading exchange when it comes to Ethereum trading volume. OKEx and Huobi complete the top three, with Binance’s BTC and USDT pairs in the top five as well. With one fiat currency pair in the top five and three USDT pairs, it will be interesting to see what the future brings for Ethereum in this regard. If the trend remains in place, reaching $750 should be a matter of a few hours, although it doesn’t guarantee a stable price floor by any means.
For the time being, it seems as if the Ethereum price is on a solid roll. While the current gains might not be overly impressive, it is good to see the negative spell getting broken regardless. There was no real reason for the negative Ethereum price pressure earlier this week, and it seems any concerns regarding the SEC may have been for naught. Even so, anything can happen in this particular industry.