The Ethereum price matters to a great deal of people these days. Given the altcoin’s bullish run throughout 2017, a lot of people decided to purchase ETH in the hope of making a profit. Ever since the Ethereum price hit $400, however, there has been a struggle to remain above $300. Even today, we see ETH drop below $300 on a regular basis despite some solid attempts to reclaim that position.
Ethereum Price Still Seeks Solid Support
No one can deny the cryptocurrency markets have all been pretty volatile over the past few weeks. Any trend that seemed to be solidified was turned on its head and new altcoins suddenly entered the top 10 by market cap. It is very difficult for any major currency to find solid support right now. The Ethereum price is perhaps a good example of the recent volatility we have seen in all markets.
Even the past week has seen some interesting Ethereum price swings, to say the least. With the value dropping from $305 to $292, a downtrend has already set in, However, this dip was bought and the Ethereum price quickly pushed past $300 again. A second dip pushed the price below $285 for a brief moment before surging to $312 again. This degree of volatility is excellent for speculators, but it makes the average holder quite nervous.
As of right now, we are dealing with an Ethereum piece which can’t get back to that $300 mark for some unknown reason. Several attempts have been made over the past 24 hours to successfully reach that goal, yet the upward momentum was rejected on four different occasions. As a result, steam is running out and the price sits just below $298. Overcoming these mental price barriers is a lot more difficult than most people realize.
The Ethereum trading volume is quite decent, although anything but spectacular. One would expect the world’s second-largest cryptocurrency by market cap to generate close to half a billion or more in daily volume. Over the past 24 hours, Ethereum has generated just $286.5m worth of volume. The term “just” is used a bit loosely here, merely to indicate this figure is well below what one would expect from this currency at this point in time.
Unsurprisingly, Bithumb is the main benefactor of Ethereum trading volume right now. Bitfinex is in second and third place, with their USD and BTC pairs respectively. With 7 different markets generating over $10m in 24-hour volume, liquidity isn’t any issue whatsoever. That is a positive sign, even though the demand for Ethereum is waning a bit right now. Considering how the weekend is almost upon us, that is not unusual whatsoever.
It will be interesting to see what the weekend brings for the Ethereum price. Right now, it seems impossible to rise above $300 and turn it into solid support again. That doesn’t mean the Ethereum price won’t surpass $300 in the next few days, though. It is all about solidifying support levels before moving up again. Right now, the ETH support sits below $300.