Ethereum Price Struggles to Reach $300 as Trading Volume Drops
Not much is happening in the world of cryptocurrencies right now. It appears a lot of coins are going through another round of price corrections, mainly because Bitcoin is struggling to make any significant moves. The Ethereum price isn’t doing all too great, as it failed to surpass the $300 mark. In fact, its value has gone down by 1.23% over the past 24 hours.
ETHEREUM PRICE MEETS RESISTANCE AT $285
While many people want to see the Ethereum price go back to $300 and more, there is no clear timeframe as to when this will take place. It appears that trend was virtually locked in last night, but things took a turn for the worse shortly after. More specifically, the Ethereum price hit a value of $289 yesterday, which was a strong indication of where the price would head in the next few hours.
Interestingly enough, some market movers felt it was way too early to let the Ethereum price head back to $300. Instead, they sold off some coins and drove the price down to $287.05. Right now, Ether is hovering around the $282.88 mark, which is somewhere in between the high and low of this current price trend. Whether or not we will see any major price changes in the coming few hours, remains to be seen, though. There isn’t enough trading volume to warrant any major price movements whatsoever.
More specifically, Ethereum only has $460.5m in 24-hour volume right now. That is an unusually large amount, although it is not entirely unexpected when looking at the bigger picture. In fact, Bitcoin has very little trading volume as well compared to other days. The only currency making some progress is Bitcoin Cash, although it remains to be seen whether or not that will be a mere pump-and-dump cycle. Anyone who has high hopes for the Ethereum price will be sorely disappointed right now, but things can still around at any given moment.
There is no real market which stands out in terms of Ethereum trading volume. Although Bithumb has a clear lead over Bitfinex and GDAX, the individual amounts are pretty low. This seems to indicate very few people are actively interested in trading Ethereum right now. That won’t necessarily impact the Ethereum price in a negative manner, though. Things seem to be pretty stable for the time being, albeit this may only be a ruse for the time being. It will be interesting to see what the future holds.
With the upcoming Ethereum hard fork taking place soon, one would expect the Ethereum price to respond in one way or another. Them again, it is certainly possible all of these changes have been factored into the current price already. Moreover, there is the Ethereum Cash project to keep an eye on as well, even though it remains to be seen how much traction that concept will gain over the coming weeks. Very few people take it seriously right now.
All things considered, the march to $300 and more will have to wait a bit longer for Ethereum enthusiasts. It is understandable they may not be too pleased, but all cryptocurrency markets are semi-bearish for the time being. Until we see a major Bitcoin uptrend, no altcoin will any gains which remain in place for more than a few hours. Ethereum needs a Bitcoin price increase to go up in value itself. Quite strange considering these currencies are nothing alike whatsoever.
Source: Themerkle
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September 20, 2017 at 01:07PM
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