It is evident the cryptocurrency market recovery process is still in full effect as we speak. Whether or not this will lead to any major changes, remains to be seen. More specifically, things look somewhat promising now, but things can turn around fairly quickly these days. For now, the Ethereum price seems to be on the right track, as $600 is well within reach.
Can the Ethereum Price Reach $600?
After yesterday’s cryptocurrency market onslaught, any bets are off the table as of right 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 a slow as $560. A worrisome trend for novice users, albeit it is not something veteran traders haven’t 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 looking up again over the past 24 hours.
To put this into perspective, the Ethereum price surpassed $600 in the past few hours. Unfortunately, the momentum wasn’t sufficient 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 people had expected to see around this time yesterday. That doesn’t mean cryptocurrencies are out of the proverbial woods just yet.
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.
For the time being, it remains a bit unclear which way the Ethereum price will head in. The overall volatility is still palpable, and it seems there may be some intriguing price changes over the next few hours. Even so, the first order of business is determining whether or not the Ethereum price can effectively reach $600 and stay above that value for more than a few hours or days.