While it was a bad week for many cryptocurrencies, with Bitcoin in particular losing around $1,000 in value over the course of the week – Ethereum also fell heavily in value and broke the $3,000 barrier. As the cryptocurrency market continues to slide downwards, with total market cap dropping below $100 billion, many investors are beginning to wonder if this is the beginning of the end.
Cryptocurrencies have seen a massive selloff this week as the SEC announced they would be delaying their decision on a Bitcoin-ETF-application by VanEck-SolidX. This would have been the first Bitcoin-ETF-application to actually be approved by the SEC, potentially sparking massive growth for the cryptocurrency, and while the markets are panicking over a potential delay, they aren’t considering that the SEC could be giving them a gift. Ethereum is currently trading at $ 266.61, down almost 18% in the past day, and Bitcoin has dropped 18% since it’s peak at $ 19,666.67, so what’s going on?
Summary of the situation
- Ethereum is up nearly 10% in the past few hours.
- ETH finds resistance at the $3,200 level.
- The $3,000 will likely be retested as support.
The Ethereum price forecast for the next 24 hours is bearish, as the market has crossed the $3,000 price point and peaked at $3,200. As a result, the current bullish momentum is likely to be exhausted over several hours and a slight pullback is expected later today.
Overview map of crypto-currencies. Source: Coin360
The general market is in the green today. Strong bullish momentum was seen across all markets, with Bitcoin up 3% and Ethereum up over 8%. Waves is one of the best performing companies, up 53% due to rapid growth.
ETH/USD opened at $2,952 after rising slowly to $3,000 yesterday and pulled back to establish a slightly higher low from where it then rose. Ethereum began a rally last night and did not hesitate to break through the $3,000 resistance level. Currently, ETH/USD is showing some signs of giving up further gains just below the $3,200 resistance level, suggesting that we will likely see ETH give back some of its gains.
Ethereum price movement in the last 24 hours
Over the past 24 hours, ETH/USD traded in the range of $2,904 to $3,200, indicating high volatility. Transaction volume increased 17% to $34 billion. The company now has a total market value of $367 billion, giving it a market dominance of 15.97%.
ETH/USD 4-hour chart – ETH is preparing for a correction after another upward push
On the 4-hour chart, we can see that Ethereum is currently testing the next price target at $3,200. Right now there is some rejection of further movement, which means we could see a pullback in ETH/USD later today.
ETH/USD 4 hour chart. Source: TradingView
The market as a whole has clearly shown that it has recovered from the slowdown in the second half of April. After the 22nd. April failed to make an explicit high, with Ethereum falling back to its previous low around $2,100. Ethereum then established a slightly higher low around $2,170 and tested it several times to form a support from which it can continue.
On the 26th. In April, the Ethereum price made a quick jump downwards where the bulls absorbed all selling pressure, leading to the current multi-day rally towards the next major price target of $3,000, as mentioned in our previous Ethereum price forecast.
Ethereum hit $3,200 today, setting a new all-time high, for a total increase of about 50% in just a few days. Therefore, it is likely that Ethereum’s current bullish momentum will soon be exhausted. This should lead to a serious pullback later this week.
It will be important to keep an eye on the price reaction around the $3,000 level if it is tested again as support. If Ethereum finds support there and refuses to drop further, we should see new all-time highs in the coming days. Otherwise, Ethereum will begin a much more severe mid-term pullback that will last several weeks.
Ethereum Price Forecast: Supplement
Ethereum’s price forecast is bearish, as the market is up nearly 10% today after surpassing the $3,000 primary price target. This should exhaust the current momentum of the price movement and we expect a pullback later today.
In anticipation of further Ethereum price movements, read our guides on how to mine Ethereum and get Ethereum for free.
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Frequently Asked Questions
Will ethereum reach 1000 again?
The price of Ethereum has dropped significantly since it’s all-time high of over 1000 USD (Ethereum price). Many people ask me, “Will Ethereum reach 1000 USD again?” and some even say, “I hope it doesn’t reach 1000 USD, because I missed the train!”. The value of ethereum has seen dramatic growth over the last year, soaring from $10 to over $1000 in 2017. Since then, its value has fallen back down to around $300. Ethereum still has a long way to go to match its all-time high of $1,000, but there are plenty of reasons to believe it could happen.
What will ethereum be worth in 2030?
The price of ethereum has been rising rapidly in the last few years, and many people are predicting that it will be as valuable as bitcoin itself by 2030. While there are many different opinions about what the future holds for this cryptocurrency, one fact is clear: The price is going to be a lot higher than it is now. A lot of factors will influence the value of ethereum in 2030. Here are a few of them: Despite the fact that a lot of cryptocurrency enthusiasts believe that it will be worth a lot more in the future, the truth is that nobody knows exactly how much it will be worth. There are a lot of factors that can influence its value, and there could be a lot of factors that won’t be known until 2030, which is when the prediction is for. In fact, there is a lot of debate out there as to what will even happen to cryptocurrency in the next decade. Will it continue to be popular? Will it fall out of favor and lose all value? Will it become something else entirely? A lot of people are wondering about this, and, of course, a lot of people have answers, but there is nothing concrete
Will ethereum go up 2020?
Ethereum is a cryptocurrency that was created in 2013 by Vitalik Buterin. It was initially described as a platform for decentralized applications, but has become more commonly associated with its cryptocurrency token, ether. Ethereum is the second most valuable cryptocurrency after Bitcoin. Unlike Bitcoin, the Ethereum blockchain is designed to support more complex applications, and to be fully programmable without the use of additional software. Started: 8:13 pm, Sunday, January 21, 2018 Smart contracts are the future of the world economy. Smart contracts are like normal contracts, except they are completely digital and they can be automatically executed by the network. What do I mean by “automated”? Let’s say Alice wants to hire Bob to build her a house. Normally, she’d hire Bob and sign a contract to pay him the money over time, like $1,000 per month to pay him for six months to build the house. But with smart contracts, the payment terms get set in the code itself. So, instead of paying Bob $1,000 per month, she’d just set up a contract to pay Bob $1,000 per month to build the house, and the network would automatically make the payments to
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