Ethereum (ETH) Price Analysis: Is There a Cause for Alarm As ETH Tests Its Lowest Value in Ten Weeks (ETH News Today)

UK-based Crypto Trading Platform is Launches Ethereum Futures Contracts

Since the beginning of this year, the price of Ethereum (ETH) has only been able to appreciate by 4.9 percent. As one of the roster digital currencies on coinmarketcap.com, Ethereum has been able to maintain a stable price amidst bearish and volatile trend in the crypto market.

Perhaps one the major reason why it has been quite stable is the fact that it provides a platform for developers to create smart contracts and decentralized apps.

Ethereum Price Today: Current Price of ETH

Nevertheless, the last couple of weeks have not been really friendly to the second most valuable digital currency based on market cap. In the last twenty-four hours, Ethereum has lost over 5 percent of its value, and it is currently trading at $429. The coin has a market cap of $49.74 billion and a trading volume of $1.62 billion in the last twenty-four hours.

Ethereum (ETH) Price Analysis

Recently, the digital currency maintained a resistance at $545 to $548 levels, subsequently trying to surpass the $545 level. As a result of the reaction of buyers to the bearish market, the value of the digital currency declined significantly. In fact, over the last few weeks, the bears were so strong that the value of the coin declined below the $450 mark.

ETH Is Not the Only Crypto Affected

Almost all the coins in the crypto market have been in the red for some weeks now. Nevertheless, some of them are showing some recovery signs with bitcoin currently trading at $6k after testing a new low at $5,880.

Is It Time to Panic Sell-off?

According to some experts in the market, a rapid recovery is on its way as the long overdue price correction indicates a reverse to the bearish trend. Also, the long-term indicators suggest that Ethereum is in an oversold territory indicating that the present price of ETH is a consolidation of its bearish RSI and MACD.

As a result, the value of the coin is expected to start an upward trend, which could see its value rise in no time.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.