A little bit of discomfort situation remains present in the cryptocurrency world at the time. The momentum of Bitcoin prices seems to be running out of steam, and it has direct repercussions on most of the altcoins . It seems that today will be another difficult day for the price of Ethereum, since staying above $ 300 has proved to be an impossible task lately.
Ethereum price fight remains in force
There is no real reason for the price of Ethereum to go through a prolonged period of bearish pressures. Especially now that the value of Bitcoin has risen again, one would expect the world's second largest cryptocurrency to see such momentum. Unfortunately, that's not how the cryptocurrency industry works these days, as the price of Ethereum has suffered numerous setbacks in recent weeks.
Just last week, the price of Ethereum fell by almost 8%. This is in stark contrast to most other currencies, which have lost a maximum of 5%. In addition, the value of Bitcoin has increased over the last seven days, but Ethereum is really struggling. These last 24 hours have not been different, since there was another decrease in the value of 1.77%. This again pushes the value of Aether to below $ 295, as the altcoin is not able to maintain a value of $ 300.
There is also another decline in ETH / BTC report to be taken into consideration. Thanks to another 2.45% stop in the last 24 hours, it became clear that things are not going well for Ethereum in its current phase. Even so, there are still many potential positive developments at the horizon that could help push the price of Ethereum once again.
One thing that still works in favor of Ethereum is the way in which its volume of exchanges remains unaltered most of the time. More specifically, the overall volume of ETH trade is $ 1.57 billion, which is more than respectable on a Monday morning. Assuming that this volume remains in place and potentially increases, things will surely become much more interesting in the coming days.
BitForex leads the charge in terms of ETH trade volume with a USDT pair. It is far ahead of the BTC market of DOBI Trade. Both volumes remain excluded on CoinMarketCap, raising Huobi USDT to the limelight. The EOS pair is in second place, followed by Binance's USDT pair. CoinBene's BTC market is also excluded, pushing OKEx's USDT to grab some ranks and LBank's ZEC pair completes the official top five.
The lack of legal currency support can be a big problem for the price of Ethereum. There is only one pair of legal currencies in the official and unofficial top 10 of CMC. Even so, it is still early Monday morning and many deposits have not yet been cleared up at this stage. The next few days will be quite interesting for Ethereum price speculators, although there is no guarantee that the situation will look better.