The past few days have been somewhat troubling for the Ethereum ecosystem. After all, the recent cryptocurrency news coming out of China has spooked all the markets and sent prices tumbling. The Ethereum price also saw its fair share of setbacks, dropping from $326 to $268 in a matter of days. Right now, the Ethereum price is back above $300, which seemingly confirms the market has sufficiently recovered to start moving up once again.
Ethereum Price Rises Above $300 Again
In a way, a lot of cryptocurrency users expected the Ethereum price would suffer even more substantial losses due to the China news. With the banning of cryptocurrency ICO activity in China, it would have certainly been possible to see the Ethereum price drop to $150 or less. However, ICOs are not the only use case for the Ethereum ecosystem, although some people may disagree on that front.
No one can deny the news has sent some shockwaves throughout the Ethereum market, though. Then again, the same applies to virtually any other cryptocurrency market in existence today. If the Bitcoin price drops significantly, all other altcoins will follow this trend, for some unknown reason. In the case of the Ethereum price, that drop came in the form of a decline to $268 over the past few days. A very long way away from the $400 all-time high and a sharp decline compared to $326 just a few hours prior.
However, it seems as if the Ethereum price has started to rebound once again. With a current value of $302.49, there is no reason to be concerned whatsoever. Ethereum is effectively gaining value in both the USD and BTC market, which shows this trend is not just related to the Bitcoin price recovering. Then again, if the Bitcoin price were to collapse once again, it is certainly possible the Ethereum price will do the exact same. For now, things are looking pretty solid for Ethereum, though, which is a good sign.
This recent Ethereum price recovery is aided by around $600m in 24-hour trading volume. It is not a record in terms of volume by any means, but it goes to show one doesn’t need $1bn in volume to make things evolve in any direction. Litecoin saw a similar price surge yesterday with even less trading volume. A lot of people are keeping their money in Bitcoin for the time being, which means altcoins may see smaller gains moving forward. Then again, the Ethereum price is up by 4.29% over the past 24 hours, which is a more than respectable trend.
Speaking of the trading volume for Ethereum, Bithumb remains the number one market for the time being. South Korean traders have taken a liking to cryptocurrency in recent months and it appears their demand is nearly insatiable these days. OKCoin and Bitfinex close out the top 3, which is good to see. It is remarkable there is only one ETH/BTC trading pair in the entire top 10 right now. That is highly irregular as far as Ethereum is concerned, but it shows people aren’t willing to part with their bitcoins right now.
With the Ethereum price surpassing $300 again, it is certainly possible we will see a new all-time high at some point. That is, assuming this uptrend is not just a temporary reprieve from the overall bearish attitude plaguing cryptocurrency markets these days. If the trading volume remains stable and dominated by fiat currency pairs, things can get very interesting for Ethereum in the coming days. An interesting market to keep an eye on, that much is certain.
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