At press time, the second-largest cryptocurrency by market cap and the number one competitor to bitcoin is trading for about $288. That’s about $13 less than where it stood yesterday afternoon.
Ethereum just keeps dropping like there’s no tomorrow. For the past few days, the currency has played host to a wide array of small, yet noticeable drops and swells within the $280 and $300 range.
Key resistance likely lies directly at $300. Allegedly, the currency rubbed shoulders with $320 last weekend, though the bears gained traction in the long run. Current support now lies at $280 following the drop.
One source mentions that for Ethereum to spike any higher, $300 must be broken, and support must develop above this line. Anything at $290 or less is likely to result in a slump to $280. It further states that while bullish momentum is building, the bears are still present and controlling the reins.
There isn’t much else one can say about the world’s largest cryptocurrency after bitcoin. It has been stuck in a holding pattern for the past week, and while there are several sources claiming to predict what will occur in the immediate future, one can’t be so sure.
We are often told that something specific will happen; that a bull rally is forming, and the currency is on the verge of recovering soon, but for some reason, we’ve yet to witness any solid truth to these statements. Ethereum remains where it is and has stayed there for some time.
That’s not to say things won’t change, but we need to remain wary of how cryptocurrencies behave. Bitcoin, for example, despite garnering boosts in market dominance over the past two weeks, has lost a fair number of followers given its present price range. The currency has been hovering between $6,000 and $6,500 over the past few weeks.
At this stage, everyone should be aware that cryptocurrencies are volatile, but this is simply too much for some investors to handle, given that at one point, the currency was trading in the five-figure range. The skepticism has caused panic; panic led to sell-offs, and now bitcoin doesn’t have the following it once boasted.
The same has occurred with Ethereum. At one point, the currency was trading for roughly $1,400, but has since dropped by over 80 percent since the beginning of the year to its present figure. This is a tough reality to accept. The idea that so much could disappear in such a short period of time (eight months) ultimately led to the same pattern: skepticism, panic, and then sell-offs. Ethereum is not where it was, and there’s no way to know if that $1,400 figure will return.