It is rather surprising to see most cryptocurrencies in the green over the past 24 hours. While this momentum is more than welcome, it still remains to be seen how long all of this will last. If the previous weeks are any indication, things will turn around quickly. For now, the Ethereum price is one of the stronger gainers on the market, pushing its value back to $416.6.
ETHEREUM PRICE TURNS BULLISH
It is not uncommon for cryptocurrencies to note some temporary upward momentum over the past few months. Unfortunately, most of those trends quickly turn into a net loss, as the bearish sentiment still reigns supreme. For the time being, the Ethereum price is noting some decent gains, as it seems we now have a stable support level at $400. Only time will tell if that is the case, though.
Even so, the positive trend needs to be taken in stride. With the Ethereum price rising to $416.67 once again, things look rather promising, for the time being. This is a net 5% increase over the past 24 hours, which is a bit higher compared to most other top 10 cryptocurrencies. It is the first time in a while we see the Ethereum price rise sharper than Bitcoin’s value, which may hint at better things to come in the future.
Speaking of which, Ethereum has gained 3.13% over Bitcoin. Although that is positive, it remains to be seen how this situation will evolve in the coming hours and days. Ethereum has been battered all year long and suffered from steeper declines compared to Bitcoin for the most part. If that trend were to reserve at this crucial time, fireworks are on the horizon. It is still too early to draw any proper conclusions in this regard, though.
With $1.28bn in 24-hour trading volume, it appears the global interest in Ethereum is on the rise once again. That in itself is another promising sign when looking at the bigger picture. After all, most cryptocurrencies have suffered from a decline in trading volume, and it seems that particular trend is not improving just yet. This rise in Ethereum price also reduces the Bitcoin Dominance Index, which has dropped below 44% for the first time in weeks.
As of right now, Bitfinex is the leading exchange when it comes to Ethereum trading. Its ETH/USD pair is well ahead of Huobi’s USDT market and Binance’s BTC pair. All three listings are pretty close to one another in terms of overall volume, though, which is rather interesting to note. OKEx has two pairs in the top five as well, although neither of those is linked to fiat currencies.
How all of this will play out for the Ethereum price, remains to be seen. More specifically, the cryptocurrency industry needs a positive trend to remain in place for a lengthy period of time, although it seems that will be pretty difficult to maintain. Even so, today may prove to be a decent day for all cryptocurrencies, as things finally start to look up again.