A lot of interesting things are happening in the cryptocurrency world right now. Most of the top currencies face minor setbacks, although the Ethereum price seemingly continues its uptrend which began yesterday. Thanks to another small gain, the price is vastly approaching the $215 mark again.
Ethereum Price Bucks a Negative Trend
It is quite interesting to see how often the cryptocurrency price momentum tends to change in this day and age. For the most of 2018, all cryptocurrencies have gone down at the same time. Although that is largely happening again today, the Ethereum price is one interesting exception in this regard. It is still in the green, whereas all currencies near it in terms of market cap are in the low to mid red.
Considering how the Bitcoin price is going down, it is not entirely uncommon for Ethereum to note some small gains over BTC in the past 24 hours. More specifically, there is a 3.48% increase in the ETH/BTC ratio, which has not been too common throughout 02018. There is also a strong 3.25% uptrend in USD value, which is partially caused by the gains over Bitcoin.
This current Ethereum price trend seems to oppose the overall prediction a lot of experts hared in the past two weeks. Some people claimed the Ethereum price would go a slow as $140, although that has not materialized just yet. It is still possible something like that happen, although the current trend seems to paint a different story. Whether or not a near 50% drop can occur after this uptrend, is difficult to predict.
— Phil⚡️ (@PhilCrypto77) September 14, 2018
One thing possible influencing a new Ethereum price dip is the massive amounts of ETH being sold off by ICO projects. According to Richard Heart, EOS has liquidated most of its 654,000 ETH raised during their year-long crowdsale. It is possible a significant stake has been liquidated, although it remains to be seen how much money is still in play. This type of speculation can trigger another small dip, albeit it seems the dip is pretty much over, for now.
In more positive news, the BitPanda exchange has made a rather interesting announcement. The platform introduces full ERC20 functionality for select tokens. Although this has nothing to do with ETH directly, it may get some more people to exchange Ether to these tokens rather than dump Ether on exchanges. An interesting development regardless, although it may not introduce too many changes.
We’re pleased to announce deposit, withdraw and transaction functionality with full ERC20 wallet support for selected tokens on the Bitpanda platform is now available! The full list of currently supported tokens can be seen at: https://t.co/OhFzAUVNbW #bitpanda #erc20 #ethereum pic.twitter.com/2HK24M0FbA
— Bitpanda (@bitpanda) September 14, 2018
As is always the case in the cryptocurrency world, things are subject to change first and foremost. In the case of the Ethereum price, things can always change, even though the current trend seems rather bullish. If it keeps up for a while, an eventual price point of $250 will become more realistic. Weekends usually offer interesting trading behavior, and this week will be no different.