Ethereum Price Holds its own Despite “jab” by Justin Sun

It is refreshing to see most, if not all of the top crypto markets in the green on a Saturday afternoon. Such a sight is rather uncommon, especially over the past year or so. As far as the Ethereum price is concerned, the uptrend seemingly remains in place. Minor gains on this day ensure ETH remains the #2 ranked by market cap, for now.

Ethereum Price Maintains its Position

There have been some interesting market developments in the cryptocurrency world in the past twelve months. Not only is the extensive bear market still not over by a long shot, it appears the ongoing “flippening” between Ethereum and XRP in terms of market cap will continue for a little while longer. At this time, Ethereum maintains its small lead over XRP, even though both currencies are noting minor gains today.

Where the Ethereum price is concerned, not much has changed over the past few hours. Albeit there is a 1% gain in USD value, the 0.5% rise in Bitcoin is less impressive. Because of these minor changes, one Ether is now valued at $123.46, or 0.0339 Bitcoin. This is a very interesting level, as it seems Ethereum is not intent on dropping below that value any time soon.

As has been the norm lately, Ethereum has no shortage of overall trading volume, It notes $2.8bn in trades, even on a Saturday. That in itself is remarkable, although the figure will – most likely – look a bit different on Sunday afternoon. Even so, the ETH/BTC pairs are the main source of liquidity at this time, although some of the USDT pairs are also making their presence felt.

On social media, it seems a lot of people are closely watching the ETH charts right now. CryptHawk considers this to be a bullish sign, as long as the trend line is not broken in a negative manner. In fact, a continuation of this current slow and steady uptrend can result in a “long” signal, although it remains to be seen how these charts look in a few days from today.

Perhaps the more interesting development is how Justin Sun seemingly took a jab at Ethereum and Vitalik Buterin. While it is true Vitalik’s comment regarding scalability was a jest in its own right, using it to blatantly promote Tron and BitTorrent Token may not have been the most tasteful idea. Collaboration would be a more favorable approach instead of trying to divide and conquer the crypto world.

All signs seem to indicate no immediate Ether price drops should be expected. That in itself is an interesting change of pace from just a few weeks ago. At that time, all cryptocurrencies were facing another set of major losses. While no market is out of the woods yet, this past week and a half have been mildly promising. Cautious optimism seems warranted at this time.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.