Price Analysis

Ethereum Price Analysis: Ethereum (ETH) Price Working Hard to Beat the Bears

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Ethereum (ETH), a fundamentally strong coin on the blockchain platform has been going through a lot of ups and downs due to the current market volatility. This week the price has somewhat managed to gain an upper trend though the bears are still present in the market and pushing the price downwards. ETH has been trying to regain its position though the path to recovery is still slow as seen from the weekly price chart where the price was fluctuating in the range of $206 – $234.

Latest Statistics of Ethereum (ETH):

As on July 24, 2019, at 4:04:44 UTC, current statistics are as below:

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  • The market price of Ethereum is $224.632
  • Current Market Cap is around $21,848,268,767
  • 24-hour volume is at $7,302,276,336
  • ROI is still at a huge 7,109.26 %
  • Circulating supply is at 107,026,511ETH

ETH to USD Price Comparison:

Ethereum Price Chart - 24 July
Ethereum Price Chart by TradingView

Ethereum has been on the road to a slow recovery though there are still hiccups on the way. The 7-day ETH price chart showed how from a high of $218.857 on July 17, Ethereum price fell down to $206.604 on July 18 in 20h 10m to the extent of 5.07%. In 9h 15m, however, the price recovered to $229.136 the same day, the upward movement is 11.04%. But, in a matter of 13h 35m, the price fell to $215.045 on July 19 to the extent of 6.03%. Then the bulls started making their presence felt, and the price moved up by 8.80% on July 20 in a matter of 1d 9h 20m to $233.765. The bears again gained prominence with the price spiraling downwards to $218.993 on July 21 within 18h 50m, to the tune of 6.32%. Today the price has recovered to $234.632, which is upward to the extent of 7.14%. The weekly price trend for ETH shows that ETH is slowing trying to regain the upward swing though the bears are still around.

Ethereum Price Prediction:

 The price of Ethereum is still market-driven and mostly controlled by technical and speculative variances. This week Ethereum had performed better compared to the earlier week when its price was as low as $198 on July 16. Analysts feel Ethereum will be bearish for the short-term as the market is yet to show some stability but expect it to pick up well by the year-end and have kept the target price of around $500 for the year-end.

Conclusion:

Long-term investors can think of investing at the current rate as Ethereum has always been a coin with strong fundamentals and future potential. Short-term and speculative traders should be aware of the crypto market being speculative and invest accordingly.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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