At the time of printing, the second largest cryptocurrency by market capitalization and the number one competitor for bitcoin is trading around $ 272. This is about five dollars less than where it was yesterday afternoon.
Ethereum recently attempted to cross the $ 280 threshold. Unfortunately, it failed to pick up the momentum needed to overcome the $ 275 share and is now working to gain traction against the BTC and the US dollar. Provided that buyers enter the melee again and overwhelm sellers, ETH could potentially go beyond the $ 285 limit.
Ethereum has fallen about three percent in the last 24 hours. It currently has a market capitalization of just over $ 27 billion and a daily trading volume of around $ 1.15 billion. Strong support was formed at $ 255.
Overall, the future of Ethereum seems bearish, and downward trends are forming in the technical charts. As things collapsed quickly, we could see Ethereum test new lows of $ 265 and $ 268 respectively. However, with the slight chance that the currency decides to rise further, we could see it will reach $ 282 or even $ 285 in the coming weeks. .
There is not much to say about Ethereum that has not already been said. The currency has struggled a lot to compete with the bitcoins, but in bear markets, Ethereum is not able to maintain its position. Bitcoin, while still trapped in a bearish pattern, has at least shown signs of renewed strength and maturity. The currency remained relatively insensitive to news that the Securities and Exchange Commission (SEC) had rejected nine new proposals for bitcoin ETFs and stopped at around $ 6,400 for several days.
From there, the father of the crypt later expanded his price of $ 300 and jumped to $ 6,700. While the bitcoin is now trading for $ 6,600 – about $ 100 cheaper than where it was yesterday – this is still a step up from last week. Ethereum, on the other hand, has not been able to return to the top.
Initially, investors thought they had hit the jackpot when the second digital asset reached $ 500-mark last July – at a time when Bitcoin was hitting $ 8,200. Ethereum was once again showing promise as a leading cryptocurrency, as it had risen by over $ 100 in a few days and the enthusiasts believed that the bulls would seize the financial reins after a long absence.
Unfortunately, the good news did not last Ethereum later fell into the $ 300 range and has since lost almost half of the value obtained from that fateful July moment. Bitcoin himself returned to the $ 6,000 range as quickly as he had left it, but while the currency experienced small gusts in its price, Ethereum continues to suffer the worst fight of its "professional career".
Ethereum Charts of TradingView