If nothing is still yet to accurately depict the “change is constant” phrase, a day in the world of cryptocurrency is certain to change the narrative. The market is known for its volatility, which is never static ; the market goes up and down in a matter of seconds, leaving traders with daily speculations. For Ethereum, which is still yet to make a comeback, one can only credit the token for managing to maintain its trading price despite the tricky movements of trading volume.
The current price of the Ethereum comes as a possible peak in trading price. Although a token is expected to gather momentum and stabilize before it can make any effective upsurge, and while the Ethereum has managed to hold up a trading price in the $100 level, can the token move further? It is one thing for a token to stabilize in trading price, it is another thing for a token to increase in price number after stability. However, the Ethereum is yet to hit this milestone, making it even harder to speculate directions.
In mid-November, the Ethereum lost its spot as the world’s second largest cryptocurrency to a long time rival XRP. While Ethereum traders expected a quick comeback as it did previously, the comeback never arrived. In fact, trading price moved from $200 to $100 and hasn’t pulled further since then. Ethereum’s trading volume has also stumbled greatly.
Fair to say that traders are ditching the token for Ripple? Remember CBNC’s Ran NeuNer urged users to focus all investments in Ripple? Well, while Ripple’s trading volume continues to bulge, Ethereum has moved from $2.1 billion in trading volume to $1.89 billion.
One might conclude that Ethereum has been stagnant compared to rival tokens, which is exactly the case, but if the token has managed to outlive the bearish market with trading price stabilizing at a $100 level, the Ethereum is likely to pose as a major threat in 2019 and possibly give Ripple a run for its money. At present, the Ethereum trades at $107.87, with stability in movement, the token may move up to $110 resistance level in the next 24hrs.