Ethereum, will it beat Bitcoin’s popularity?
January 11, 2018 7:01 am,
As on 10th January 2018, the current trading price was Ethereum approximately around USD 1300.
It is hence noted that the price of ETH is shattering all-time highs.
Rising to more than $1,000 for the first time ever last week, the cryptocurrency has reclaimed its place as the second-largest blockchain by total value, days after being temporarily surpassed by Ripple’s XRP token. However, as with that controversial market move, the massive uptick in value bears a deeper look from more novice or potential investors.
However, as CoinDesk reported yesterday, Ethereum’s recent price rises are masking technical problems related to some blockchain operations, issues that could hinder growth if not resolved.
Also, as per CoinMarketCap, trading volumes almost doubled to $8.45 billion yesterday from the January 4 volume of $4.6 billion. The 24-hour trading volume stands at $7.66 billion. A high-volume rally indicates strong hands are at play and while there is no reason to panic, the technical chart does show early signs of bull market exhaustion.
Some trends observed in the ETH prices in the recent past are:
- The price of Ethereum hit an all-time high of $1,417.38 on Wednesday (09th January 2018)
- The cryptocurrency’s price is up around 60 percent in the last week
- Steven Nerayoff, a co-creator of Ethereum, said it could “easily” double or triple this year
- Ether declined by more than $200.00 recently and then recovered very well against the US dollar
- ETH/USD managed to remain above a major bullish trendline with current support at $1,080.00 on the 2-hour chart of ETH/USD
- ETH/BTC gained further momentum and was successful in moving above 0.0800BTC
Dropping down to the 30-minute chart of ETH/USD, the pair started a new short-term downside correction from $1,247.80. It moved below the 23.6 percent Fibonacci retracement level of the last wave from the $966.65 low to $1,247.80 high.
Review ETH’s real-time price movements here: https://www.coindesk.com/ethereum-price/
So as to conclude, we can say that even though yesterday, there was a major downside reaction in ETH/USD as the pair tumbled by more than $200.00 toward $1,000.00. It traded as low as $966.65 but then recovered sharply.
More importantly, ETH/BTC gained a lot of bullish momentum and traded above the 0.0750BTC and 0.0800BTC resistance levels. There can be a downside correction in the short term, but the overall market sentiment is very positive.