Ethereum a widely circulated coin on the blockchain network has continually been in the bear zone since last week. The downward trend for altcoins continued with comments by Trump and Mnuchin over the US dollar being the only reserve currency on a global scale, leading to much concern in the crypto world. This led to altcoins, including Ethereum, trading below their levels, painting a negative picture for the short-term. Ethereum price has been badly affected since last week with the price moving from a high of $279 on July 12 to a low of $195 on July 17 indicating that the bears have washed out the major fortune gained by Ethereum.
ETH price has been at the receiving end of the market volatility as seen from the weekly chart where the price has been continually falling to the lower end. From a high of 279.448 on July 12, the price fell rapidly to $207.806 on July 15 in a matter of 2d 14h 25m to the extent of 26.12%. The price then picked up slightly and rallied to $221.202 on July 16, the upward movement being to the extent of 6%. On the same day, the price fell to $195.431 within a matter of 55m, the downward swing being to the tune of 11.56%. The current day’s price of $194.987 is lower to the extent of 0.22%. This shows that Ethereum has been in a bearish zone for the past week and may continue to do so if the market does not stabilize.
Ethereum has been continuing its losing spree since last week, and the bears still have an upper hand in the current market volatility. Analysts expect the short-term trend to be bearish though bulls are trying to re-enter the market. They have targeted a price of around $500 for the year-end which could be achieved if going forward the market shows some stability.
Investors should still restrain themselves from the market at present as the prices are still on the downswing and may go down further if the current sentiment continues. Short-term investors should invest very cautiously as there is a tendency to lose heavily in such market volatility.