Ranked second only to Bitcoin, Ethereum is one of the most popular cryptocurrencies in the markets. The technology that powers Ethereum has been hailed by many as one which may even replace Bitcoin some day. However, for now, Ethereum plays the second fiddle. Ethereum prices jumped by 9000% over the past year – attracting millions of new investors. However, Q1 2018 doesn’t look as promising as Q4 2017 was.
Over the past 24 hours, Ethereum price has remained quite static, falling by a mere 0.20%. Ethereum began the day at $848.50 and closed in at $848. While the last 24 hours aren’t indicative of much, the past week tells us a lot about Ethereum’s recent performance.
Ethereum began the week at a price of $935, from where it fell to a low of $798. It was followed by a slight surge which took the prices back up to $850. However, it now appears that there’s another downtrend forming – and one which is bigger than what we’ve seen this week.
Ethereum price has been going through multiple ups and downs over the past few weeks. However, if market experts are to be believed, Ethereum is likely to enter a downtrend which would drop the prices to a low of $600 – which is a drop of about $250 from where the currency stands now.
Ethereum entering this downtrend would not be an isolated incident as other cryptocurrencies such as Bitcoin, NEO and Bitcoin Cash too, are expected to go down the same path. However, Ethereum has shown a great tendency to bounce back from these lows. Earlier this year, the price had dipped to a low of $500 from where it bounced back to $1,000 in less than 10 days!
Ethereum, with a market cap of $83 Billion is a strong player in the cryptocurrency markets. For those investing into Ethereum, it is best advised to set up a stop-loss so that you do not incur more losses!
You can also check out our analysis on:
- Bitcoin Price Analysis as on 28 February 2018
- Bitcoin Cash Price Analysis as on 28 February 2018
- Litecoin Price Analysis as on 28 February 2018
- Ripple Price Analysis as on 28 February 2018
- Monero Price Analysis as on 28 February 2018
- Verge Price Analysis as on 28 February 2018
- IOTA Price Analysis as on 28 February 2018
- NEO Price Analysis as on 28 February 2018
- Cardano Price Analysis as on 28 February 2018
- SiaCoin Price Analysis as on 28 February 2018
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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.