In the recent corrections it was Ethereum who stood the strongest from the top ten cryptocurrencies by market cap. Many of the big names were hit with 30-40% decreases and are slow to recover. Ethereum on the other hand has shown that it has the most demand and is picking its self up quickly. If you want to learn more about Ethereum you can read our Ethereum in-depth guide.
Before that Ether reached an all-time high of 1432$ on January 13th this year. During the correction Ethereum reached a low of 800$, but it was for a very short time. Since then Ether was the best performing cryptocurrency from the strongest.Ethereum could soon return to its high and even surpass it if this increased demand continues. There was a bullish run last week which saw an increase in Ether’s price by 20%. The price climbed back up to 1250$ from 1050$.
Ethereum’s price is still going up and down but a lot of support has emerged to stabilize the price above 1150$. A lot of support can be seen on the charts too leaving big support levels above the 1100$ mark. The higher lows indicate that the bulls are in a dominating position and we should expect increasing volume. Most of the volume is coming from Bitfinex, GDAX, Binance and OKEx.
Strong and steady
Ethereum’s price is staying strong and the token is pretty valuable in the current market setup and conditions. This, the bullish action and the increased volume of trading are the reasons for this strong performance. During the Bull Run, Ether’s trading volume had jumped over 70%. This higher volume means that a lot of people are trading with Ether at the moment.
Also statistics show that more than 50% of all transactions are made with Ethereum. Bitcoin has around 35% of the trading volume by number of transactions but still leads the trading volume by amounts of money traded. Ethereum looks like it is in a prime bullish position for February and we could see a break out soon.
With this increased demand and volume we may soon see Ethereum back at its record highs at around 1400$. Depending on the bullish actions this could happen in the short term. The support level and the rising trend line need to be defended in order for a new all-time high to be witnessed. Either way we will be keeping our eyes on Ethereum in the future.
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- Ethereum hard forks Constantinople and St. Petersburg scheduled by the end of the week - Feb 25, 2019
- Ethereum founder and CEO, Vitalik Buterin revealed his non-Ether holdings and revenue sources - Feb 22, 2019
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