A bit of an uneasy situation remains present in the cryptocurrency world as of right now. The Bitcoin price momentum appears to be running out of steam, and it is directly affecting most of the altcoins. It seems today will be another tough day for the Ethereum price, as remaining above $300 has proven to be an impossible task as of late.
Ethereum Price Struggle Remains in Place
There is no real reason for the Ethereum price to go through an extended period of bearish pressure. Especially now that the value of Bitcoin has risen again, one would expect the world’s second-biggest cryptocurrency by market cap to see similar momentum. Unfortunately, that is not how the cryptocurrency industry works these days, as the Ethereum price has suffered from numerous setbacks in recent weeks.
Just last week, the Ethereum price collapsed by nearly 8%. This is in stark contrast to most other currencies, which lost a maximum of 5%. Moreover, Bitcoin’s value is up over the past seven days, yet Ethereum is genuinely struggling. These past 24 hours have not been different, as another 1.77% decrease in value has materialized. This pushes the Ether value down below $295 again, as the altcoin is incapable of maintaining a $300 value.
There is also another decline in the ETH/BTC ratio to take into account. Thanks to another 2.45% setback in the past 24 hours, it has become apparent things are not looking great for Ethereum in its current stage. Even so, there are still a lot of potential positive developments on the horizon which may help push the Ethereum price up once again.
One thing still working in favor of Ethereum is how its trading volume remains unaffected most of the time. More specifically, the overall ETH trading volume holds its own at $1.57bn, which is more than respectable for a Monday morning. Assuming this volume remains in place and potentially increases, things will certainly get a lot more interesting in the days to come.
BitForex is leading the charge in terms of ETH trading volume with a USDT pair. It is well ahead of DOBI Trade’s BTC market. Both volumes remain excluded on CoinMarketCap, elevating Huobi’s USDT pair to the forefront. Its EOS pair is in second place, followed by Binance’s USDT pair. CoinBene’s BTC market is excluded as well, pushing OKEx’s USDT pair up a few ranks and LBank’s ZEC pair completes the official top five.
The lack of fiat currency support can be a big problem for the Ethereum price moving forward. There’s only one fiat currency pair in the official and unofficial top 10 on CMC. Even so, it is still early Monday morning, and a lot of exchange deposits have yet to clear at this stage. The coming days will be quite interesting for Ethereum price speculators, although there is no guarantee the situation will look any better.