With the cryptocurrency markets getting a temporary reprieve, it is evident interesting things can happen. Judging by the previous weeks, this upward momentum will not last that long. For the Ethereum price, the question is whether or not remaining above $400 is in the cards. Right now, it seems that is a successful venture, but it will not last all that long.
Ethereum Price Momentum is Difficult to Come by
This past week has not been overly exciting for Ethereum price watchers. Nor has the rest of the year been so far, as it is all pretty negative in general. This is not unique to the Ethereum price, mind you, but it is quite worrisome to see things deteriorate so quickly. Right now, an Ethereum price of over $400 is a joyous occasion.
Although this is indeed a small gain over the past 24 hours, it further confirms all cryptocurrencies are not in a good place. While a 5.83% gain over 24 hours is pretty decent for any financial asset, it barely pushes the Ethereum price over $400, One big sell order and the price crumble once again. Right now, it seems the bearish pressure is forming as we speak.
Ethereum isn’t successful in decoupling itself from Bitcoin as of right now. Although Ethereum gained 1.64% over Bitcoin it is evident this small gain will erode fairly quickly if Bitcoin drops again. The way things look right now, that appears to be only a matter of time It has been a terrible Q1 for cryptocurrencies in general, and the Ethereum price illustrates that point quite well.
One positive aspect is how Ethereum successfully maintains a trading volume of over $1.4bn. That in itself is pretty interesting to note, as it shows there is a clear demand to buy and sell ETH as of right now. Unfortunately, it seems most of the orders are from sellers, rather than buyers. It is possible this momentum will turn around at some point.
With Bitfinex leading the charge in terms of trading volume, things look rather interesting right now. Huobi and Binance are battling over second place, with GDAX looming over their shoulder. OKEx is the fifth and sixth market right now, which is rather normal. With two fiat currency pairs and three USDT markets in the top five, we may see some Ethereum price fireworks after all.
For the time being, it is evident none of the top cryptocurrencies will not long-term growth or stability. There is too much bearish pressure on all markets to make anything spectacular happen. For the Ethereum price, finding stability around $400 would be a major victory in its way. It seems that will not happen anytime soon, though.