Ethereum Is Struggling Just as Much as Bitcoin Is Right Now
The two competing coins, Ethereum ETH) and Bitcoin (BTC), are both going through a tough time as these tokens fall today.
Ethereum is down 3.64% for the last 24 hours, bringing the token to a price point of $3,131 (ETH/USD) Likewise, Bitcoin is down about the same amount, and this could be the beginnings of a bearish trend that continues through the weekend.
That is what investors are fearing, as they have seen that Bitcoin’s halving has not had the expected effect of boosting that token and the rest of the cryptocurrency market. Instead, most of the market is down and has been having a hard time making any substantial gains recently.
Like Bitcoin, Ethereum is experiencing a boost in trade volume, up about the same 40% compared to Wednesday. That could indicate a buying surge is about to happen, but not necessarily. Both coins are dealing with the fallout of a disappointing Bitcoin halving that did not do what it was supposed to do and buoy the market.
Will Ethereum Recover Soon?
Ethereum is down for the day but slightly up over the last seven days having gained a slight 1.7%. The last month has been harsh on the token, bringing it down by 11.3%. However, the longer-term picture looks much better for Ethereum. Since the beginning of the year, ETH has grown by 33%. That stellar performance could outline over the rest of the year, or we could see a repeat of the last few weeks.
If inflation continues to remain high, then Ethereum might not have much of a chance of a strong bullish run. It could do well in the short term and make some minor gains, but until the economic picture looks better, Ethereum is likely to have trouble getting past $3,500 for the foreseeable future.
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