Ethereum Having Trouble Holding onto Its Gains
Ethereum is still well above its April level despite a recent drop and could climb as high as $3,000 in a matter of days.
Quick overview
- Ethereum (ETH) is currently down 1.44% for the day and 6.97% for the week after a strong performance.
- The cryptocurrency experienced a bullish trend following the China-USA trade deal but is now being outperformed by Bitcoin and others.
- Despite recent price drops, Ethereum is expected to maintain support above $2,000 and could potentially reach $3,000 soon.
- Investors remain optimistic as Ethereum's price is still significantly higher than its pre-upgrade level of around $1,806.
Live ETH/USD Chart
After outperforming most other cryptocurrencies in recent days, Ethereum (ETH) is down 1.44% for the day and 6.97% for the week. The coin is backtracking after a strong performance.
When the China-USA trade deal was announced, the cryptocurrency market reacted with a bullish trend. Ethereum was already moving upward quickly as a result of its recent upgrade, and it gained even more steam from the trade deal. Now, Ethereum is losing ground and faltering, being outperformed by Bitcoin and other competitors.
ETH/USDWith a boost from the trade deal and a smoothly implemented upgrade, Ethereum reached a high of $2,698 (ETH/USD) earlier this month but has since fallen to its current price of $2,449. That drop does not look so bad when compared to the level Ethereum was at before its upgrade, which was around $1,806. Ethereum is trending much higher, establishing storing support around its current price point, and creating a launching platform for exceptional growth.
Is Ethereum Going to Plummet?
There may be concern that with Ethereum’s price dropping that the coin is headed for disaster, but we do not think so. Ethereum has proven bullish in recent weeks, and even though some of its momentum is gone, the coin is likely to pick that up again in the near future. With some of the pressure of the coin thanks to the trade deal with China and the pause on strict tariffs, Ethereum should be able to rise even higher than its recent high.
The danger for ETH at this point is if it continues to drop over a short period of time. Investors may feel tremendous selling pressure if it falls below $2,000, but we do not think there is much danger in that. As long as Ethereum can stay well above where it was before the bull trend started early in May, then it should be safe for a while. ETH could easily hit $3,000 by next week if it experiences another strong upward push.
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