After hitting a bottom of $206 during some panicky days, ethereum’s price seems to have turned its direction upwards, rising to a current trading price of $287 with some speculating it may take $300.
Whether it will, no one knows, nor can anyone say just what exactly happened in the past few days, but there appears to have been some sell pressure from ICOs potentially cashing out at least some of the funds as well as from lucky traders who were able to buy eth at cents during the GDAX flash crash.
That sell pressure seems to have reached a double bottom yesterday, suggesting it may have subsided, giving way to bulls who took courage and quickly sent eth’s price up to a respectable $280.
Traders seem to think today is the day, with sentiment seemingly turning bullish, but cautiously so as the recovery appears to be still somewhat fragile, not least because $300 might give some resistance.
A downwards move from here might spell very bad news, but an upwards move may continue the bull trend in the longest sustained run in the history of digital currencies.
Moreover, going by volumes, ethereum has been leading, turning all digital currencies green today, including bitcoin which is slightly up with the currency probably mainly sustained by the ETH/BTC pair.
Eth leads by other stats too, with one of the most important being the number of online users and activity where ethtrader leads by far, probably having the same number as all other crypto communities combined.
In google searches bitcoin still leads somewhat, but that lead is mainly due to poor third world countries, while ethereum is searched more in developed countries like South Korea.
Overall, the two currencies are sort of neck and neck, but ethereum has a lot more to talk about than just price, giving it far more attention due to the many innovative projects being launched.
In any event, as we clearly saw this week and previously, the up or down movement of bitcoin or ethereum affects the other in the same direction. The two, therefore, are seemingly allies.
As such, it is probably short-sighted to think one wins at the expense of the other, when recent events have clearly shown they both rise or fall around the same time, dragging each other up or down, which may eventually change, but for now it suggests they complement each other.