Today, Ethereum (ETH) is down about 13.6%. However, this does not detract from the fact that it is one of the best cryptocurrency interpreters of the last 7 days. This is why more and more investors are trying to figure out if there could be a significant recovery in Ethereum (ETH) or not.
Ethereum (ETH) is still one of the best interpreters of cryptocurrency in the last 7 days:
In just 7 days, Ethereum (ETH) recorded a 36.43% rally. A week earlier, it traded around $ 94. It currently trades around $ 128. Nevertheless, despite the 13% drop today, it is still growing 36.43% in just 7 days. While there are Altcoins that have increased more but for mainstream cryptocurrencies, this is certainly a good performance. It has not gone unnoticed.
Volumes this week rose from $ 2.4 billion to $ 3.9 billion. This clearly indicates that investors could start investing in Ethereum (ETH). Even today, volumes are around $ 3.8 billion. This clearly indicates that despite the downward movement in the last 24 hours, Ethereum (ETH) is still going strong.
In recent evaluations attributed by the Chinese blockchain index, Ethereum (ETH) was ranked 2nd. This clearly indicates that despite the diminishing users of the Ethereum blockchain (ETH), it still holds much value. Precisely for this reason, there is the hope that sooner or later the use of the Ethereum blockchain (ETH) will increase again. When the use increases, the price of Ethereum (ETH) will also increase automatically. This is one of the main reasons why it has resumed so quickly.
One factor that can not be ignored is that Ethereum (ETH) has risen from $ 85 after falling from $ 1200. So, there is plenty of room for its recovery. Unless and until it significantly exceeds $ 250, it can not be assumed that it is a real rally. It can easily be a rebound from a dead cat after falling more than 90% in a single year. This is the reason why despite the 36.43% increase, it seems that only the volume of short-term trade is increasing rather than long-term.
The problem is that Ethereum (ETH) has fallen so badly that even these moves seem only a rally of relief rather than a new ascent. Most investors are blocked at rather high levels which also hinder investors' appetite.