Is it safe to invest in Ethereum? After weekend lows, the cryptocurrency is showing its potential with a bounce-back in market value. Predictions say the uptrend should continue, bringing a new series of lows and a high market cap. Here is a deeper analysis of the topic.
Ethereum remains the second-largest cryptocurrency widely used in the market. Over the years of maintaining its dominance, it has gained a secure and reliable system used for online transactions. Next to Bitcoin, Ethereum has the highest market value today.
Ethereum, Crypto Weekend Price Drop
Yahoo! Finance reported that Ethereum had a rough weekend low of $1735 trading value. This is a significant and devastating drop from the $4400 value it had days prior. Ethereum lost approximately 60 percent in the last 12 days, alongside Bitcoin--which took a plunge as well.
Analysts warned that cryptocurrencies might experience a few more market drops throughout the coming days. Both Bitcoin and Ethereum are at a downward trend, where their time frames from TradingView showing new series of lower highs and lower lows.
Fortunately, the market is seeing a prolonged bounce-back that could happen soon.
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Ethereum Price Prediction: $3000 Bounce-Back Still Possible
Currently, Ethereum is trading at around $2700 price value at the time of writing, via CoinDesk.
Yahoo! Finance predicts that Ethereum could still rally as high as $3400 soon, presenting a new lower low price cap at $1550. The market is at a standstill with this prediction that is expected to run across the week. If the trading value, at any time of the week, goes below $1550, then Ethereum is entering dangerous levels.
However, on the contrary, if Ethereum maintains a value above the indicated limit, then its potential for a bounce-back is better.
Earlier this week, Mark Cuban predicts cryptocurrency to regain its momentum and gain stability. His concluding statement said that all cryptocurrencies will be making a colossal rebound soon. Ethereum's hovering price value might be the first indicator of that prediction.
Note that Ethereum has seen a lot of action this year, rallying from $1000 to $4400 in a few months. The sudden spike of value is common among cryptocurrencies. However, Ethereum managed to recover beyond the 50 percent mark. It is entirely possible for the cryptocurrency to see an even more significant rebound in the coming weeks.
If you're planning to join the Ethereum rebound, here is the current trend you should look out for: Ethereum price prediction says market value will drop in the coming days, hitting dangerous levels around $1550. A market value lower than that could indicate that the cryptocurrency is too dangerous to invest in.
However, if Ethereum manages to keep a value above the threshold, predictions say that Ethereum would be getting a huge boost in the coming months. More specifically, beyond the year 2021, Ethereum is expected to double its market value.
Disclaimer. ItechPost is not ecouraging cryptocurrency investment. Given the volatile nature of the market, it is a risky venture that should be avoided.
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