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Ethereum Price Analysis: ETH Price Still Struggling to Reach $600

Depending on the market direction over the next few hours, there might be some more positive momentum to enjoy. If that momentum is achieved, then the price of Ethereum (ETH) might likely get a push to the $600 zone again.

Ethereum Price Still Struggling to Reach $600

Even though most cryptocurrencies suffered at the start of the week, Ethereum took a big hit in the process. The price of the second largest cryptocurrency dipped from 600 to $513 in a matter of two days, with traders and investors grew concerned about what the future held.

Despite all that, traders still bought the dip and the Ethereum price has now recovered some of its losses to bounce back to the $590 region. It attempted to go past the $575 mark earlier this week but was rejected which led to a dip to the $550 region. However, the uptrend resumed ever since and it has now gone up by more than 3% to trade at $593 per coin.

Data from shows that the ETH/BTC ratio has remained unchanged, meaning that the Ether has neither gained nor lost anything against Bitcoin, a situation that is rather unusual. The Ethereum market has seen an increase in demand for both buying and selling, with its trading volume over the past 24 hours reaching $1.845 billion. If the bulls continue to dominate the market this weekend, then the Ethereum price has a shot at going past the $600, a situation that is looking very likely. However, volatility still remains in the market, with the market still down from its latest slump.

Amongst the cryptocurrency exchanges, Bitfinex is still the biggest Ether trading platform with its USD market. OKEX and Binance follow Bitfinex closely, with Huobi further down the line. The largest trading pairs for the currency are USD, USDT, BTC, and EOS.

The next direction for the currency is hard to imagine, something that is very common with weekends. For the Ethereum price though, analysts and traders expect it to make a run for the $600 over the next 24 hours. if it will be able to maintain that value is something that no one is still sure of.

Nicholas Holden

A chemical engineer who got obsessed with cryptocurrecnies. Holds small fortune in BTC, PVX and MIOTA. Nick's regular trading in the crypto space makes him come across exclusive news around the industry. Email: nick@blockpublisher.com or email the editor at editor.news@blockpublisher.com

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