Ethereum has been among the biggest and most popular names in the world of cryptocurrencies over the past few years. The currency has been second only to Bitcoin in terms of market cap – and some even expect that one day, it might even become the largest currency. However, while that may be far from happening at this point in time, there’s good news in store for Ethereum investors – the currency has found a new support at $500.
Ethereum’s price fell from $1400 in early January to below $400 in early April. However, right when the currency hit the bottom, a recovery process began – which saw Ethereum’s price rise and the currency has since been on a stable and steady surge – rising back to $500 eventually. Thankfully for the investors, Ethereum has found a new base at $500 and it does not appear that it may drop below this price point.
Over the past 24 hours, Ethereum’s prices went from $505.85 to $506.66. Over the course of the day, Ethereum’s price hit a high of $518 and the lowest point of the day came at $502. Ethereum’s market cap, over this 24 hour trading period, went from $50.01 to $50.10 Billion – gaining $90 Million over the day.
When you take a closer look at Ethereum’s price performance over the past week, the performance of the currency has been quite impressive.The currency began the week at $414 and closed the week at $506.66 – with the week’s high coming at $533.91. Ethereum’s market cap – over this seven day period – rose from $40.8 Billion to $50.1 Billion – gaining almost $10 Billion over the week.
Ethereum’s price, having gone stable at $500 levels – continues to test the support at the bottom. This line of support is strong and is likely to hold – helping the currency propel to new heights: that of the $630 level over the next couple of weeks. The strong wave of bullish momentum may be behind us now, but expect shorter bull-waves to help take the price ahead. For now, a target of $535, $548 and $562 would be advisable – and once these are crossed, $600-$630 is the next big target.
The platform that Ethereum provides for decentralized applications and for executing smart contracts is quite unique and one that has attracted many developers. The ETH cryptocurrency too, gets a lot of love from the markets. Ethereum grew by 9000% over the past year – and investors are expecting to arrive at a new all-time high by the end of 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.