ALT: Ethereum Price Is Looking At A Bear Onslaught.
MD: Ethereum price is once again being led by the bears and has been showing lower range variations.
- Ethereum bears have been pushing the price in the lower range as seen from the 5-day chart
Ethereum (ETH) a popular blockchain network, has been slowly becoming independent of the dominance of Bitcoin. ETH has also been hit by the bearish mode of the crypto currency market. Investors are having a tough time sustaining their returns in this current volatile market scenario. Though Ethereum had a fairly good run this year, from the past 15 days the price of ETH has taken a beating from the bears and its becoming hard to maintain stability. The 5-day chart gives a bleak picture for ETH with the bears having played havoc with the price, the price fluctuation being in the range of $ 199 – $ 224.
As on July 30, 2019 at 5:58:07 UTC, current statistics is as below:
- Current market price of ETH is $ 206.547
- Current rank is 2
- Current market cap is around $ 22,219,237,599
- 24 h volume is at $ 5,490,487,198
- ROI is still at a huge 7,226.04%
- Circulating supply is at 107,108,706 ETH
The bears have taken over Ethereum as seen from the 5-day chart. From a high of $ 224.027 on July 25 when the bulls had made their presence felt, the price of ETH fell to $ 203.078 on July 27 in a span of 2d 5m to the extent of 9.21%. The price then slightly recovered to $ 210.172 on July 28 in 17h 10m to the tune of 3.50%. On the same day in a matter of 16h 30m, the price again fell to $ 199.757, downward swing being 4.95%. On July 29 in a matter of 22h 25m, ETH did recover to the extent of 6.35% at $ 212.130. With the bears being in full swing, today the price has fallen to $ 206.547, which is lower by 2.63%.
Ethereum’s Price Prediction
Ethereum bulls are finding it difficult to make an entry because of the extreme high volatility factor in the crypto currency market. Currently, ETH is struggling to maintain its momentum due to excessive bear pressure. Analysts expect the short- term trend to be volatile and feel the price should find sustainability during the medium term. They feel ETH should give a good run during the year end and have kept a target price of around $ 500 during the time.
For investors, the crypto market volatility is a lot confusing as to the timing of their investment decisions. Long term investors can still go ahead and invest for the long haul. Short-term investors should take into consideration the market volatility before making any investment decisions.