Ethereum has been one of the biggest names when it comes to the world of cryptocurrencies. Among one of the most popular names in the crypto-markets, Ethereum has been among the top three cryptocurrencies for a really long time now. Second only to Bitcoin at the moment (by market cap), the currency is struggling when it comes to stabilizing the prices. Ethereum price is on a free-fall and the currency has been losing price almost with every passing day! Let us take a closer look at the price performance of Ethereum, as well as where the currency is heading in the days to follow.
Ethereum price has taken a major hit in 2018. The currency peaked early in the year at a high of almost $1400. From there, however, it has now fallen to a price of less than $400! The current Ethereum price is the lowest this year, and also a six-month low for the currency. Ethereum continues to battle many lines of resistance and faces hard challenges from the markets as investors appear to be shying away from a rather bearish trend. Over the past 24 hours, Ethereum fell from $401 to $379 – a fall of 5.13% over the day. Ethereum's market cap too took a hit as it went from $39.5 Billion when the day began to a low of $37.3 Billion by the time the day ended. Over $2 Billion was lost in a single day for Ethereum.
This dismal run continues as Ethereum went from a price of $521 and the market cap of $51 Billion to a price of $379 and the market cap of $37.3 Billion over the seven-day period. The currency lost a market cap of almost $14 Billion over the week – averaging out to a loss of $2 Billion every day! Ethereum has been struggling of late and hasn't been able to find a stable line of support.
Many old and long-term supporters of Ethereum have slowly started to back out and the currency may be heading towards troubled waters. However, it is not just the case of Ethereum because most major cryptocurrencies are facing a hard time in the markets over the past couple of weeks as market leader Bitcoin too, has fallen below the $7000 mark yet again! This downtrend may continue for another week but we expect bullish investors to make a heavy investment soon – helping the currency bounce past these lines of resistance.
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