The daily trading candle on Bitfinex saw ethereum’s volumes spike to 932,000 eth this Monday, the second highest daily volume ever.
Only last year’s 950,000 eth, on September 14th 2017, beats eth’s trading volumes yesterday. On that day, ethereum’s price reached a local bottom, making a higher low after eth’s price crash from $420 in June 2017 to $136 on July 16 2017.
It then rose to about $400 on September 1st 2017, to crash again just under $200 when Bitfinex’s highest daily eth trading volumes were reached on September 14th.
The recent price action is not too different from the above in that ethereum has fallen from an all time high of $1,420 to a low of $167 on September 12th.
It then rose recently close to $230, before falling yesterday to about $190 when the second highest trading volumes ever where reached on Bitfinex.
It remains to be seen whether the above is a higher low, which may then confirm $167 as a bottom, but it may also be the case that these higher volumes in eth are simply because price is so low.
That could mean traders now simply trade with more eth so that they could win or lose more depending on how price goes.
Yet fiat trading volumes for eth are also up to now $2 billion or about half of bitcoin’s trading volumes, when it used to be 25%-33%.
So it may be the case other crypto traders are focusing on eth, just as it may be the case that more people are now buying or selling.
About 650,000 eth was further betting long or short on Bitfinex this Monday as bulls and bears go to war over ethereum’s price.
Who will win remains to be seen, but eth held fairly well yesterday, although it did lose some ration to bitcoin, down from ₿0.033 to ₿0.031.
Fiat wise however it kind of kept its ground, potentially making a higher low, but whether that’s indeed the case, time will tell.