Ethereum Making a Comeback after Week of Decline?
As the crypto market struggles to make any gains. Ethereum (ETH) climbs 3% Monday morning, making back some of the losses from the last week.
Ethereum lost 1.46% over the last seven days, even after today’s gains. In fact, Monday has been the biggest day so far for the coin in that period. This could mean it has recovered and will continue to climb in the coming days.
The token is now at $3,495 and still climbing. It will have to pass $4,066 to regain all of its recent losses, though. As the crypto market went into decline in the middle of the month, most major cryptos lost considerable value. Bitcoin (BTC) is still down by about $5,000 from where it was in the middle of the month, and today’s surge could help it work its way back up there.
Ethereum has been trading in a narrow range, but that could be changing. A new week often means a new trading pattern, and Monday is off with a bang so far. As long as there is no new negative inflation data to pull down the market, there is potential for Ethereum and other cryptocurrency tokens to keep climbing.
Should You Invest in Ethereum Now?
We anticipate that the market is going to go bullish for a little while, and this may be the lowest Ethereum will be for the next few days. With no new economic data incoming and anticipation for the Bitcoin halving growing, we expect Ethereum and other coins to move higher very quickly as trading heats up.
Because Ethereum was high so recently, it could easily surge back to that level in the next couple of weeks. There is pressure on ETH to climb due to low trading movement in recent days. Investors expect to see movement now and may feel that the low, bearish turn is done and bullish potential is there if Ethereum can just be prodded.
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