Cryptocurrencies are suffering after a lot of bearish trends came into play. Sure, things have started to pick up a little bit but there is no momentum that can be spoken of right now. Ethereum’s own price is currently staying above $700, or at least it is trying to. It’s important to know that it has had a 1.2% increase in the last day or so and this weekend is certainly going to say a lot about ETH and the movements that it is going to go through in the future. At the end of the day, it has become really evident that the price for ETH is very interesting for a lot of people and now more and more investors are going to have to keep an eye on this to see how volatile the price is. This year really hasn’t presented any trends in regards to how bearish the pressure is, but only time will tell if this really is the case. The Coin Market Cap has dropped below $400bn for most of this week and now it doesn’t look like there is any room for improvement at all.
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That being said, the price for ETH has been interesting to say the least. The value has dropped from $720 right down to $640 and this has also managed to rebound back to its original price. This is shocking but it is really evident that the interest in Ethereum is not slowing down. In the last 24 hours alone, there has been a 1.2% increase in ETH’s own pricing and this is one of the things that is helping to keep the whole thing above $700. The bearish pressure really is still having an impact on all of the markets but it doesn’t look as though this price point will be held unless something happens to change along the way. Ethereum has also noted a very small increase in price when compared to Bitcoin and even though 0.79% of ETH has increased this is not really impressive. That being said, this is better than a complete standstill. This in momentum seems to show that there is a lot more bearish pressure as of late but this doesn’t seem likely to continue.
There has been a $2.343 increase in trading volume and things are certainly looking to be impressive for ETH. The demand to both buy and sell ETH is not slowing down and this is impressive to say the least. If trading volume was to slack off at any point then it would become much easier to try and manipulate the price of ETH in a very quick succession. This is a very interesting point to note and it will also help those who have invested in ETH to move forward. So now let’s look at the exchange that has been ranked by ETH in trading volume. There is no real surprise to take note of. OKEx is in the lead and this is followed by Bitfinex, Huobi and even then the two Binfance pairs. When you have just one fiat currency that is in the top 5, it’s important to know that the USDT trading pair is more popular than ever. ETH and BTC is trading and making a mark on the industry but as stated above, nobody knows how long this is going to carry on for.
As of right now, it looks like the price for ETH may fall and this is the result of a sideways trading action. Consolidation at this stage does not look like a bad thing at all, and it is a lot better when compared to pricing pressure. As for the ETH price, maintaining a price level at $700 is good news but keeping it this way may be difficult.