After a massive fall over the weekend, ETH looks to be bouncing back.
- A recovery seems to be happening after a big plunge over the weekend.
- ETH is down overall for the week by over 4%.
- There seems to be optimism for a strong recovery over the longer term.
After trading at around the US$774 mark a week ago, Ethereum is currently trading at about $730. And while that fall, of 4.28% over the week seems like a minor hiccup, it follows a tumultuous week when ETH’s price sunk to $645 over the weekend – a massive fall before recovering.
That price plunge was accompanied by busy trading with 24 hour trading volumes around the $3.3B mark. They have now settled to around $3B although there have been some periods when the volumes fell to around $2B.
The $740 mark seems to be a tough barrier for ETH to pass in a sustained way. Although Ethereum has made it over that barrier before, it has fallen back previously and seems to have a hard time sustaining a price in excess of $740.
Ethnews says that’s if ETH can hold at a level around $740 for a while, it will be possible for gains towards $760 – $780 to be achieved.
Interestingly, analysis by Zebpay is more bullish with predictions of $870 and $995 in what they call the mid-term. This seems to be in keeping with longer term predictions although it looks like there will be some short term pain before the longer term gain.
With many cryptocurrencies, a key indicator of potential price movement is how the underlying platform is being used. U.S. exchange operator CME has announced, according to FXStreet, has announced it would launch two new Ethereum products in partnership with trading platform Crypto Facilities. Whether this recent announcement has an effect remains to be seen.
Disclosure: At the time of writing, the author holds XLM, BTC, ETH, EOS, TRON and XRP.