Having crossed the $500 level last week and going stable over it, it looks like the coming week is going to be good for Ethereum investors. Ethereum is among the most popular cryptocurrencies when it comes to the crypto-markets and this recent surge in its price has helped bring back a lot of investors who were losing faith due to the market bloodbath.
Ethereum, which at one point in time had crossed $1400 to attain an all-time high earlier this year – had since fallen to sub-$400 levels as the markets collapsed in Q1 2018. However, the last week has been fantastic for Ethereum as the prices have begun to recover on a slow uptrend.
Over the last 24 hours, Ethereum’s price gain has slowed down and the currency lost close to 1% of their price. Trading started 24 hours ago at a price of $508 and the currency peaked early on in the day at $516. However, from there it went through some fluctuations to finally close the day at a price of $506.69. Ethereum’s market cap went from $50.28 Billion to $50.09 Billion over the day, losing close to $200 Million during the past 24 hours.
Ethereum’s week-long performance, however, shows a strong gain as the currency had started the week at a price of $400. Over the week, Ethereum prices rose in a slow and stable fashion – hitting the week’s high at $534. The currency closed the week at a price of $506.69. Over the course of the week, Ethereum’s market cap went from $39.5 Billion to $50.09 Billion – growing by $15.59 Billion over the week.
The biggest concern that many investors had was that Ethereum may drop below the $500 mark once again. However, the currency crossed the $500 mark about four days ago and shows no signs of falling below that level. It appears that Ethereum has found a new line of support at $500 – and now aims at the next major line of resistance which is at $630. The currency is expected to fluctuate its way to the top over the next couple of weeks. Investors are advised to set appropriate targets and stop-losses.
Ethereum, the second largest cryptocurrency by market cap – is a popular choice for investors as well as developers alike. The Ethereum platform offers developers a platform to execute smart contracts as well as decentralized apps. It’s ETH cryptocurrency is one of the most stable-performing names in the markets and the Ethereum platform is being used by many developers to base their ICOs upon as well.
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