As we had expected yesterday, it was only a matter of time until the Ethereum price would reach a new all-time high. That new value has been reached overnight, and it seems the positive momentum is still firmly in place as we speak. Despite a massive retrace after the ATH of $424 was reached, the Ethereum price is moving up again toward setting an even higher record in the coming hours.

Ethereum Price Momentum Remains Strong

As is often the case whenever a cryptocurrency reaches a new all-time high price, there will be a sharp correction shortly after. In the case of the Ethereum price, the all-time high of just over $424 was followed by a dip to $403.4. Such a retrace is always to be expected, yet it seems the market has tried to recover pretty well ever since that time. Although the initial new uptrend was rejected at $415, things are still looking pretty solid right now.

It is the first time in history one individual Ether was worth over $424. This new all-time high has been coming for quite some time now, despite some mishaps affecting the Ethereum ecosystem. The Parity multisig bug is just the latest incident in the growing list of “unfortunate accidents” plaguing this ecosystem. Surprisingly, this hasn’t had any negative impact on the Ethereum price as a whole, which is surging toward yet another all-time high as we speak.

Assuming this new all-time high can be improved upon, it is a bit difficult to predict where the Ethereum price may head next. Some people claim ETH will reach a value of $500 per coin before the year is over, but that may be a bit too ambitious at this point in time. Then again, we have seen stranger things happen in the world of cryptocurrency this year. For now, the best option is to take profits if needed and hold on to the rest of your coins in case it may effectively shoot up to $500.

Thanks to over $1.8m in 24-hour trading volume, the Ethereum price momentum may be sustained for a few more days. It is always interesting to see how certain currencies generating over a billion worth of trading volume with ease, whereas others struggle to reach a stable $100m every single day. Speculation is a driving factor of all cryptocurrencies, and Ethereum is certainly subject to a lot of speculation, just like Bitcoin and Bitcoin Cash.

As is to be expected, the vast majority of Ethereum trading volume originates from the Bithumb exchange. What is rather unusual and surprising is how Bitfinex almost matches their volume over the past 24 hours. GDAX is the even more surprising third exchange ranked by trading volume. Some interesting things are taking place in the cryptocurrency world right now, that much is evident. How all of this will play out for Ethereum, remains to be seen, though. Bithumb is trading Ethereum for $10 more compared to the rest of the exchanges.

It is unclear what the future holds for the Ethereum price. All signs point toward more upward momentum, but there is only so much growth to be achieved before it turns into a pump-and-dump cycle. This $90 gain over the past week is a near 30% value increase for Ethereum. There is no need to get greedy at times like these, even though it is difficult not to get swept up in the momentum. The year 2017 has been pretty spectacular for all cryptocurrencies, and we may see some more surprises in the coming weeks.