Ethereum has been among one of the most popular names in the markets in terms of popularity. The platform as well as its ETH cryptocurrency have been very popular and have millions of backers from across the globe. Ethereum prices have performed really well over the past year – growing by 9000% in 2017-18. However, as incredible as that statistic is, the last three months seem nothing like that as a major downtrend brought Ethereum price down to $400 levels.
While Ethereum continues to be the second most popular cryptocurrency platform in terms of market cap, the currency’s price keeps on crumbling. Ethereum peaked at over $1300 in early January. However, it has since fallen to $400 levels in a gradual downtrend over the next few months. Let us take a closer look at the recent performance of the currency:
Over the past 24 hours, the price of Ethereum rose by 5% – which is a good sign for the backers of the currency. Ethereum jumped from $397 to $416 in a healthy, steady growth. Ethereum’s market cap went from $39.2 Billion to $41.1 Billion – an increase of almost $2 Billion in the 24 hour period. While Ethereum has a long way to go to reach a proper ‘recovery’ phase – this is a good sign for the investors.
It isn’t just the past day, but the past week which has been good for Ethereum as the currency began the week at $405 and ended the week $11 stronger. Over the week, the currency went through a number of ups and downs. Ethereum’s price hit a high of $429 and a low of $367 over the week. The market cap grew by $2 Billion over the week.
The currency is expected to continue going through this short-lived bull run over the next few hours too – which will help the prices jump to as much as $430. However, as the graph states – this is nothing to get hyped about because this is a short-lived growth rally and the prices are likely to rebound back to the low levels before the week comes to an end.
It opens a good opportunity for short-term investors, but we strongly advise setting up of stop-losses here as the prices are very volatile at this stage and may fall back to sub-$400 levels by the time the week comes to a close.
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Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice.