Ethereum (ETH) Keeps on Climbing, but How Far Will It Go?
Cryptocurrency token Ethereum (ETH) is up today, propelled by a market that has been trending bullish for several days now. The ETH rate is up 7.47% to $1,215 (ETH/USD), which is particularly notable because it follows several days of gains.
No Steady Ascent for Ethereum
Ethereum started the week off at $1,061 and has kept climbing since then. Today’s rate marks an increase of 14%, and that’s some of the best numbers we have seen for Ethereum in a while.
Even though the Ethereum token has been increasing all week long, the climb has not been completely smooth. On Tuesday, Ethereum hit a rate of $1,163 but then dropped down $1,088 later that same day. That was the most significant decline we saw for Ethereum this past week, but its evidence that the crypto is still somewhat volatile.
Taking a longer look at Ethereum, its overall performance for the last 30 days isn’t as positive. A month ago, the Ethereum price was $1,805 before a market crash caused that rate to take a considerable tumble. By the time the dust cleared on the crash and the downward momentum finally gave out, Ethereum had reached a low of $897, hanging out below the crucial $1,000 level for this crypto.
Ethereum is in a better place now, but it has a long way to go to recover from the most recent crash. Its attempts at a comeback have been minimal in comparison to how much was lost.
Will We See Ethereum Recover back to $1,800?
The Ethereum token will have to gain about $600 per token to get back to where it was pre-crash. That’s about a 50% gain, and we don’t expect to see that happen anytime soon. The market is still down, so most gains that Ethereum and other major cryptos are making will be minimal and may not last for very long.
This is where Ethereum is at- a victim of a recent crash and not anywhere near making a full recovery. However, it is holding on well above the $1,000 level, which is where a lot of investors would probably drop it.
Because Ethereum has enjoyed some upward momentum since the beginning of the month, it may be time to see it drop again, which could happen over the weekend. Another possibility is that the token will continue to do well, though not climb consistently, and push back up toward $1,300 very soon. We will just have to wait and see what the wider market is doing, and Ethereum will likely reflect that.
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