Ethereum price needs to find Stability at $600
We say ‘wait and see’! However, the fact is that the Cryptocurrency market recovery process is still in full swing and it looks promising, as all of you know that can change quickly. For the moment, the Ethereum price seems to be on the right track as $ 600 is easily accessible.
After yesterday’s cryptocurrency market onslaught, any bets are off the table as of now. Over the past week, it appeared as if the Ethereum price would successfully surpass $ 750, but that momentum quickly turned against the world’s second-largest cryptocurrency by market cap. Instead of reaching $ 750, the value quickly began to drop to $ 700 or lower.
In the past few days, the Ethereum price took another solid beating, just like all other cryptocurrencies. As such, the Ethereum price dropped to $ 650, then to $ 600, and even went as slow as $ 560. A worrisome trend for novice users, it is not something veteran traders have seen in the past. For the time being, it remains unclear what the bottom is for Ether as this trend looms overhead, albeit things have begun to look over the past 24 hours.
To put this into perspective, the Ethereum price surpassed $ 600 in the past few hours. Unfortunately, the momentum was not enough to keep this level stable, as the price dropped below $ 600 again. Even so, there is a 5.02% increase over the past 24 hours, which is more than expected.
With $2.425bn in 24-hour trading volume, it seems as if people were simply waiting for this dip prior to getting interested in cryptocurrencies once again. Whether or not we will see some interesting developments over the weekend, is a different matter altogether. Weekends are usually quite troublesome for cryptocurrency trading, albeit these next two days will be a bit different, by the look of things.
The way things look right now, it seems Bitfinex is the biggest exchange in terms of Ether trading volume. Its lead over OKEx isn’t that big, though, and Huobi is in third place. Binance has two pairs in the top five as well, as its USDT and BTC pairs are generating a decent amount of volume as well With just one fiat currency pair in the top five, the current situation isn’t overly impressive, but it is still better compared to yesterday.
It is still in the air, if the Ethereum price can effectively reach $ 600. In other words, it is to be hoped that Ethereum will hold on to this value for a few hours, preferably days.
For now, it remains unclear in which direction the Ethereum course will go. Total volatility is still felt, and it looks like there might be startling price changes in the next few hours.