Things are looking pretty good for Ethereum enthusiasts right now. More specifically, the Ethereum price has increased to nearly $400 once again. It is only the third time in history the price of this altcoin comes even near this level. Whether or not the Ethereum price will remain above $400 for a lot longer this time around, remains to be determined, though.

Ethereum Price Approaches All-time High

Similar to most other cryptocurrencies, the year 2017 has been incredibly bullish for Ethereum. After an initial slow start to the year, things finally shifted into higher gear around June and July of 2017.At that time, the Ethereum price peaked at $400 for the very first time in history. A magnificent growth for this popular alternative cryptocurrency, that much is rather evident. However, the momentum didn’t last long, as the Bitcoin price started turning into a demolisher of altcoin prices not too long after.

With the initial elation subsiding pretty quickly, the Ethereum price took a nasty dip all the way down to $155 and change. This was considered to be a major setback for Ethereum, even though it created an excellent buy opportunity for those who missed the initial boat. Everyone knew all too well it was only a matter of time until the Ethereum price returned WA the $400 level, although it has taken a while. More specifically, there has been one run up to $400 in September, but it ultimately topped out at $383.

With this new uptrend in place as of today, a lot of interesting things are bound to happen in the Ethereum price department. This new uptrend has a far better chance of surpassing $400, but the question is whether or not this is temporary or permanent. Price stability is a rare given in the world of cryptocurrency, and altcoins struggle with this aspect even more than Bitcoin itself does at times. Should the Ethereum price stay above $400 for an extended period of time, we might even see a run up to $500 before the year is over.

Thanks to $1.34bn worth of trading volume over the past 24 hours, things are looking pretty good for the Ethereum price. There is more than enough demand to keep this price trend intact for a little while longer. We might see a temporary pullback toward $380, though, as that appears to be a stable support level for the time being. Profit-taking will set in when magical round numbers are hit regardless, and there will be a fair amount of volatility once $400 starts turning into a new support level altogether.

Similar to pretty much every altcoin rising in value this week, most of the Ethereum trading volume comes from Bithumb. This Korean exchange is dominating all altcoin markets right now, as no other trading platforms come even close whatsoever. Right now, Bithumb has a $44m lead over Bitfinex, which is the only other exchange generating over $100m in trading volume for Ethereum. An interesting race, but it seems evident the Koreans will win in the end.

How all of this will evolve for the Ethereum price in the coming days and weeks, remains to be seen. There is a lot of positive momentum in the market right now, but it seems all currencies are competing for volume as we speak. Bitcoin Cash is clearly dominating this trend right now, but Ethereum is putting up a valiant fight. Moreover, there is also Litecoin to keep an eye on, and Dash and Monero which are not done going up in value either. A very exciting end of the week is ahead, that much is certain. Whether or not any major changes will take place in the coming hours, remains to be determined, though.