Ethereum price fell to below $260 as a result of the huge crypto dump that hit almost all huge digital assets by capitalization. Questions of whether the bulls are exhausted or it is just a market correction are looming in the crypto community.
Ethereum (ETH) the second crypto by capitalization and overall marker rank experienced a fall to trade below $260. The huge drop was as a result of the crypto dump that hit almost all top digital assets, led by Bitcoin. Ethereum price was headed to test its previous highs $300 when it all of a sudden fell and broke the previous uptrend in the lower time frame.
Ethereum Price at Large
Ethereum crypto army has been pushing for the digital asset to hit and surpass $1,000 where analysts too think it is possible. Actually, analysis from trusted crypto analyst and trader Josh Rager shows Ethereum is set to reach $8,000 in the next few years.
However, concerns are rising if Bitcoin, the mother of all crypto coins, is largely controlling most altcoins market price. This is because whenever Bitcoin price rally upwards, all other top crypto assets follow suit, and similarly, whenever Bitcoin price dips down, the altcoins do the same.
The crypto community is in dilemma of whether the current nosedive in Ethereum and other top crypto assets is just a market correction or a market reversal. If it is a market correction, then the market price might not go far down, however, if we are looking at market reversals in major cryptos, then the previous support at $120 might be closer than we think.
Ethereum trade volume in the last 24 hours has increased from $22 billion to the current at $23 billion. This is a positive indicator that the crypto asset still got a huge community of investors backing it, and they might push the price up to avoid losing more value.
Future of Ethereum Price Looks Bright
In a recent report by Coin Metric, Ethereum is going through a robust run supported by technical metrics. According to the report, Ether’s realized cap which shows the average cost basis of the holders’ assets increased by 3.6 percent in the past week. Ethereum hash rate and the mining difficulty also surged by 3.7 and 3.6% respectively. What Coin Metric basically deduced is that the Ethereum network is healthy and its uptrend is still valid.
The nosedive is showing that almost all altcoins and Bitcoin prices are directly related and in the future, if Bitcoin price rises, then all others will follow. If most crypto assets led by Ethereum moves past the current hurdle, the next train stop will be testing the all-time high. The future of crypto asset is bright as we are still in the early stages of blockchain development and roll-out in the financial world.
A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery!