The weekend is off to an interesting start where the cryptocurrency industry is concerned. Considering how most currencies are still in the green as of right now, it is very likely there will be some further upward momentum moving forward. For the Ethereum price, the momentum might carry its value to $475 in the coming hours.
Ethereum Price Remains in the Green
There were many valid concerns as to whether or not the cryptocurrency values would suffer from bearish momentum this weekend. It appears those concerns are still justified, even though the world’s leading cryptocurrencies show plenty of positive momentum as of right now. In the case of the Ethereum price, the current situation looks relatively good, even though the day is far from over at this point.
Over the past 24 hours, there has been a 1.33% increase in the Ethereum price department. While this is not a massive increase by any means, it is evident the momentum will spill over to the coming hours and potentially days. Assuming that is the case, the weekend will undoubtedly get very interesting. Additionally, it may result in the Ethereum price reaching $475 once again after a fair few setbacks over the past few weeks.
There is also a small increase in the ETH/BTC ratio over the past 24 hours. Again, this is a very small change first and foremost, yet it will help the Ethereum price evolve as time progresses. With this small 0.38% increase in favor of ETH, a very interesting tone is set for the coming hours and days. This doesn’t necessarily mean there will be any further increase automatically, but it is evident the markets are not in the worst place right now.
One thing clearly working in favor of Ethereum is how its trading volume is picking up the pace. Over the past 24 hours, there has been over $1.359bn worth of Ether trades, which is a lot higher compared to what most people would have expected at this stage. Even so, there is still a demand for more Ethereum trading volume, as there is no outspoken bullish pressure as of yet.
This increase in Ethereum trading volume is partially spiked by major activity on the OKEx platform first and foremost. Its lead over Bitfinex’s USD market and Binance’s BTC pair is quite big, although this is always subject to change first and foremost. BitForex inched up to fourth place, followed by Huobi. A very interesting mix of different exchanges and markets should keep the positive momentum going for quite some time now.
Over the coming hours, the Ethereum price will either top $475 or drop well below $465. It all depends on how bearish the Bitcoin market will get in the hours to come, even though the current situation doesn’t look terrible at this stage. Things are always subject to change in the cryptocurrency world, though, as these markets are notoriously volatile for rather obvious reasons.