Ethereum price weekly analysis: price looks to be in recovery
After a massive fall over the weekend, ETH looks to be bouncing back.
Key takeaways
- 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 long term.
After trading at around the US$774 mark a week ago, Ether is currently trading at about US$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 US$645 over the weekend – a massive fall before recovering.
That price plunge was accompanied by busy trading with 24-hour trading volumes around the US$3.3 billion mark. They have now settled to around US$3 billion although there have been some periods when the volumes fell to around US$2 billion.
The US$740 mark seems to be a tough barrier for ETH to pass in a sustained way. Although Ether 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 US$740.
Ethnews says that if ETH can hold at a level around US$740 for a while, it will be possible for gains towards US$760-$780 to be achieved.
Interestingly, analysis by Zebpay is more bullish with predictions of US$870 and US$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 long-term gain.
With many cryptocurrencies, a key indicator of potential price movement is how the underlying platform is being used. According to FXStreet, U.S. exchange operator CME has announced it will launch two new Ethereum products in partnership with trading platform Crypto Facilities. Whether this recent announcement will have an effect remains to be seen.
Disclosure: At the time of writing, the author holds XLM, BTC, ETH, EOS, TRON and XRP.
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