Ethereum Price Blazes Past $500 as Bullish Momentum Remains Intact
A lot of interesting things are happening in the world of cryptocurrency right now. With all markets turning bullish once again, we may finally get the price bounce we have all been waiting for. If the Ethereum price is any indication, this will be a very positive weekend overall. Even so, the Ethereum price may not remain above $500 for that long, as profit-taking will kick in fairly soon.
ETHEREUM PRICE BULLRUN IS FUN TO WATCH
To put the year 2018 into perspective for the Ethereum price, it has become evident there was a lot of bearish momentum to contend with. Whether or not tax season played a critical role in this particular downtrend, will always remain up for debate. Even so, it is evident the sentiment is turning bullish for no apparent reason, just like it became incredibly bearish these past few months for no apparent reason.
To be more specific, we have seen the Ethereum price dip below $400 throughout 2018. That in itself is pretty problematic, for obvious reasons, as the Ethereum price used to hover near $1,300 in late 2017. Returning to that value will not be easy by any means, but the current trend seems rather positive in general. It may only be a temporary uptrend, but we have to savor the moment regardless.
With a 22.24% gain in the past 24 hours, the Ethereum price has successfully reclaimed the $450, $475, and $500 price levels in quick succession. One can only hope this turns into a new Ethereum price support level, rather than continue to shoot for the stars and retrace in a violent manner over the next few days and weeks. It’s also interesting how Ethereum gained 3.42% over Bitcoin, which is pretty impressive at this stage.
With $2.843bn in 24-hour trading volume, the demand to buy and sell Ethereum is not slowing down by any means. For now, it seems the buyers are in total control of the Ether market, although one has to keep in mind things can turn around pretty quickly in the world of cryptocurrency. This is also part of what makes this industry so appealing to speculators.
Looking at the individual exchanges by trading volume, it seems Bitfinex is still on top of the industry as of right now. Its lead over OKEx is pretty significant, with GDAX trying to vie for the second spot as well. We do see two fiat currency pairs in the top three, as well as one USDT pair. Fresh capital is coming back to the cryptocurrency industry, which can only be considered to be a good thing.
For the time being, one has to take the current Ethereum price trend in stride. Although this momentum will get a lot of people excited about the future value of Ether, there is still a very long way to go until the entire industry finds some stable ground. How things will play out, remains to be seen, as there will be a small correction following such major gains as well. An interesting weekend lies ahead, that much most people will readily agree on.