Ether in Position to hit the Moon.
A lot of people have been keeping an eye on Ethereum over the past few months. Ever since this altcoin surpassed a value of $1,000, the expectations have risen even higher. Right now, we are looking at an Ethereum price of nearly $1,3000, which is rather close to the previous all-time high. It will only take a $100 nudge upward to create a new all-time high Ethereum price this year.
WHAT COMES NEXT FOR THE ETHEREUM PRICE?
When it comes to finding a resilient cryptocurrency capable of weathering a massive market onslaught, the choices are very limited right now. Bitcoin certainly doesn’t fix this category all too well, even though it has suffered a lot more setbacks than any other currency in existence. Ethereum is clearly quite resilient in its own right, as it has successfully absorbed the most recent market dip without too many problems.
More specifically, we have seen the Ethereum price rise to $1.325 not that long ago. Ever since 2018 came around the corner, all markets have turned uber bearish. As a result, the Ethereum price dipped well below $900 all of a sudden, which took a lot of people by surprise. At the same time, this low Ethereum price created an excellent buy opportunity for those who were confident Ethereum would rise in value again.
So far, it seems those new buyers are proven right in every way. The Ethereum price has spiked to nearly $1.250 again, thanks to a 12.41% increase in USD value over the past 24 hours. Moreover, we also see Ethereum surge against Bitcoin thanks to a 10.56% increase in the ETH/BTC ratio. Both of these trends are very strong and indicate a lot more positive momentum may come Ethereum’s way in the coming months. A new all-time high isn’t that far off, although there is no reason to get ahead of ourselves either.
With $5.18bn in 24-hour trading volume, the demand for Ethereum has certainly been taken to a whole new level. Very few altcoins are capable of breaking the $1bn barrier, let alone surpass a fivefold of that volume. Based on the current market sentiment, it is evident there are a lot more buyers than sellers, which may push the Ethereum price well past $1,300 in the coming days. All of this positive momentum is more than welcome right now, that much is evident.
Bithumb has successfully retaken the lead in terms of ETH trading volume. They are not that far ahead of Upbit, though, and OKex’s ETH/USDT pair is also within range. The first Western fiat currency market is Bitfinex’s ETH/USD pair, which generates over $229m in volume. It’s good to see the entire world show a keen interest in Ethereum, as this further confirms the Ethereum price rise is the result of a global push, rather than a localized pump.
For the time being, we will have to wait and see if this momentum remains in place. There is a very real chance we will see a new all-time high Ethereum price before the month is over. At the same time, these current solid gains are quite significant, and there will be some major pushback sooner rather than later. Ethereum is by far one of the most interesting markets to keep an eye on right now, but things are always subject to change in the cryptocurrency world.
–AltcoinToday.com
Photo via Pixabay
Source: Themerkle