Volatility is often common for popular digital currencies, but Ethereum is taking things to another level. A couple of hours ago, the ether-dollar (ETH-USD) exchange price managed to fall to US$275, which represents its lowest trading level since the 23rd of September. However, the price quickly recovered and hit US$311 a few hours later.
The last 24 hours of trading have shown an interesting trend for ETH-USD, considering the fact that the trading day started with prices slipping by roughly 3.3% and then quickly regaining all the lost value, all within the span of two hours.
This is especially interesting considering that on a week-on-week basis, the ETH price was down by roughly 14.97% despite its high trading volume. Many believe that this decline was a necessary correction given the high performance manifested by the digital currency during the first half of 2017. After all, the ETH price managed to hit a new all-time high of US$400 shortly before China decided to ban initial coin offerings back in September. While Bitcoin quickly recovered from the bad news, it took Ethereum a while longer, and it seems like the latter coin is still in a recovery phase.
However, recent trading has caused the ETH price to rise from a low of US$275 to a high of US$311 within a matter of hours. At the time of writing, GDAX lists the price at US$307.88. A 7.28% increase is a much-appreciated sight for investors and traders alike.