Ethereum (ETH) Reaches Lowest Rate Since 2020 Amid Crash
It’s a bear market right now for cryptocurrency, and Ethereum (ETH) is perfect proof of that. This crypto coin is down 9.67% today, taking the ETH rate to $1,105.50 (ETH/USD). We last saw the ETH rate that low back in late 2020.
The Downward Trend of Ethereum
We’ve seen a trajectory for the last seven days for much of the cryptocurrency market that is steadily and gradually downward. Ethereum is one of the cryptos leading the way in this bear trend, as it has fallen from $1,797 on the 8th to today’s low that is hovering above the $1,100 level.
Earlier in the day, Ethereum was just above $1,000, with a rate of $1,028 until it climbed back up a bit in the late morning hours. We aren’t seeing an indication that it is preparing to continue climbing, though, so investors hoping for some sort of rebound are being disappointed.
Over the past three months, Ethereum has been one of the market leaders, setting the trends that other cryptos have followed. Its rate has dropped gradually over that time, though, and it has been difficult for this coin to hold onto any kind of gains.
Ethereum has substantial market value and utility, but it simply cannot fight against a receding economy and the decreasing appeal of the crypto market. There was a time where Ethereum was a rising star in the crypto world, pumped up by celebrities and making gains from week to week. Its star has dimmed in recent months, though.
Should Investors Expect a Turnaround for ETH?
The bear market looks to continue for a while. There may be bright spots of hope here and there, but don’t expect major gains for Ethereum or any other major crypto at the moment. If investors decide to sell off a lot of their crypto because they think there is little chance it will ever get back to previous highs, the price is going to have even more trouble climbing back up to the $2,000 level from late last month.
At the moment, we are advising a wait and see stance with this crypto and most others. There is potential for some short-term earnings, but the outlook isn’t positive for long-term gains.
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