Ethereum price has seen an upward trend ever since the beginning of the week and bitcoin hard fork has certainly helped it along the way to reach a high of $224, before settling at $215 and eventually rising to $222 today (as of this article going to press).
Ethereum trading volumes have also seen an uptick and breached $1 billion levels again after quite a few days and this indicates a possible renewed interest in the cryptocurrency of a possible move away from Bitcoin for a few days until things settle down.
News related to Ethereum have had a substantial impact on its prices, but the latest surge doesn’t have anything to do with any news as there have been no major developments that could bring about a positive change in the currency’s pricing. This means that development in the other cryptocurrencies are having an impact on Eth’s pricing.
One of them is the bitcoin hard fork, which doesn’t have anything to do with Ethereum is having an impact. Ethereum price could reach a new high if volatility in the Bitcoin world continues and if traders and investors move away for sometime from Bitcoin to much less volatile currencies including Ethereum.
However, if that doesn’t happen traders might be drawn to Bitcoin and newly generated Bitcoin Cash and this could effectively lead to Ethereum price decline.