Ethereum Loses Its Strong Momentum Heading into the Weekend

Friday is the first day Ethereum (ETH) has been down all week, and the crypto coin is falling 1.93%.

ETH is now down to $2766.92 (ETH/USD) after a week of going strong. The token is still up 10.82% for the week, but it has started to lose some of its gains, dropping from $2,841 to its current level in a matter of four hours. In that period, the token lost 2.6%.

This rapid drop could mean that Ethereum is in for more decline over the rest of the day and perhaps into the weekend as well.

On Monday, Ethereum started to gain momentum and moved from $2,824 up to 2,854 at its peak this week. The coin’s high point was Thursday, and it held onto its gains into Friday morning until the bears got ahold of Ethereum. It appears that those ETH gains are now being cashed in. As the price declines, ETH’s trade volume is dropping rapidly, down 21% over the last 24 hours.

Bitcoin’s Strong Performance

Bitcoin (BTC) also dropped today, after a strong week that parallels Ethereum’s performance week in a lot of ways. That leading coin started to climb sharply Tuesday as well, though the bulls were already busy with it Saturday.

Bitcoin climbed high this week, starting off Sunday at around the $48,000 level and going as high as $52,706 before the gains started to slow and the momentum tapered off. Bitcoin has been erratic today, moving between highs and lows as investors wait to see what will happen.

Because of its recent strong performance, many industry insiders are expecting Bitcoin to move higher very soon. They may just be in for a flat or declining weekend first.

Bitcoin had a rough January but has been on the rise through most of February, indicating that it could be headed to a much higher level very soon.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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