It has been a relatively boring day for all cryptocurrencies so far. Although most coins are in the green again, there are no real changes worth paying much attention to. One thing people will appreciate is how the Ethereum price is slowly returning to the $350 level at this rate. Thanks to a solid 5.6% gain over the past 24 hours, the Ethereum price is on the brink of surpassing $335.

Positive Ethereum Price Momentum Results in Solid Gains

Although it will always remain difficult to predict how the price of individual cryptocurrencies will evolve over time, the Ethereum price is certainly heading in the right direction right now.  More specifically, there has been some solid momentum over the past few days, which has elevated the Ethereum price back to the $335 level. After a few days of hardship, it seems things are once again turning around for this popular altcoin.

More specifically, we have seen the Ethereum price drop below $300 not that long ago. Although it only happened for a very brief moment, it sent a clear signal to the rest of the cryptocurrency community. No coin was safe during the recent Bitcoin and Bitcoin Cash price debacle, and it remains to be seen how things will play out in the coming days. The positive Ethereum price momentum in place right now can easily turn around at any given moment.

Ever since that dip below $300, the Ethereum price has started to rebound pretty nicely. More specifically, the price surpassed $320 in quick succession despite a few roadblocks along the way. As of right now, the Ethereum price is very close to $335, although reaching $350 may be a bit too steep for the time being. Small incremental gains are always better than near pump-and-dump schemes, even though the latter option generates more profit in a shorter amount of time.

Thanks to over $1bn in 24-hour trading volume, this Ethereum price trend may continue for quite some time to come. It is always hard to get a feel for these types of trends, especially since they often appear out of nowhere and disappear even quicker. At the same time, the increased trading volume shows there is a clear demand for Ethereum right now, even though it remains to be seen if this is market manipulation or genuine demand.

No one will be surprised to learn the Ethereum trading volume is dominated by the Bithumb exchange. This particular exchange has generated a lot of trading volume for Bitcoin Cash, Dash, and now Ethereum as of late. All of these currencies have seen price increases appear out of the blue, mainly thanks to the demand from Bithumb. How this demand is determined, remains a big unknown, as there is no noteworthy news capable of driving up the Ethereum price. Then again, people will gladly claim this is not “manipulation” but rather “organic growth”.

How things will play out as far as the Ethereum price is concerned, remains to be seen. It is evident there is a lot of positive momentum among community members, despite the clear lack of news. Then again, cryptocurrency markets aren’t rational by any means, and developments like these occur on a regular basis. It is very likely we will see the Ethereum price surpass $350 later this week, although it is difficult to say for certain.