Ethereum Price Finally Breaks Through $300 Resistance – The Merkle
Not too much is happening in the world of cryptocurrencies right now, as the weekend hardly ever brings any major positive changes. There is only one currency in the top 10 which effectively notes any gains right now. The Ethereum price has gone up by 2.57% over the past 24 hours, which is rather impressive. It also pushes the Ethereum price back above the $300 level for the time in a few days.
Ethereum Price is Rebounding Nicely
Similarly to any other major cryptocurrency, Ethereum is going through periods of extreme volatility. The past week has been a struggle to reach and surpass $300 for some unknown reason, although it seems things are finally heading back in the right direction. More specifically, the Ethereum price now sits at $307.54, which is a nice appreciation over the past 24 hours.
Although no one denies Ethereum is a valuable ecosystem, the market is always subject to some degree of manipulation. No one can deny there is some degree of price action that is not entirely natural. This is not just native to Ethereum, mind you, as every major cryptocurrency has its own periods of manipulation. Sometimes, those odd price actions become a lot more prominent compared to other days.
As far as the Ethereum price is concerned, things have been pretty volatile all week. The $300 has been tested, surpassed, and lost on multiple occasions, which clearly indicates someone has been working hard to keep the price down. At one point, the Ethereum price dropped below $290, although that dip didn’t last all that long. Over the past 48 hours, we have seen a solid upward momentum as the price moved from $289.75 all the way to $311.52.
Every gain in the cryptocurrency world will automatically be met with a small correction shortly afterward. Right now, the Ethereum price is correcting all the way to $307.54, although it is not a steep decline by any stretch of the imagination. Whether or not this means we will see the Ethereum price retrace to below $300 again, remains to be determined. It is evident some people will take profits along the way, as no gain can be left “unpunished” in the financial sector.
One thing working in Ethereum’s favor is how the currency has some solid trading volume right now. Over the past few days, the volume has been lacking a bit, but it is back to a solid $409m right now. A pretty good number, to say the least, especially when considering how most other altcoins have to make due with a whole lot less. At this rate, Ethereum will get close to half a million worth of trading volume in the next few hours.
One thing that is somewhat surprising is how Bithumb leads the charts of exchanges ranked by Ethereum trading volume. They have a big lead over the rest right now, with Bitfinex and GDAX closing out the top three. In fact, the entire top 5 of exchanges is dominated by fiat currency trading pairs, which is a very positive sign for Ethereum as of right now. Demand by USD and KRW holders is definitely picking up, that much is certain.