The last few weeks have been a complete success for the crypto market. Many digital currencies rose significantly in price. The second most valuable crypto currency Ethereum, for example, can look back on a performance of around 65% in the last 30 days. After the turbulent start to the year, the crypto market has apparently caught on. In the last few days, investors have particularly taken hold of Ethereum. But recently there was another slight correction. What’s next with Ethereum and should investors already access it?
Significant minus on the previous day
In the last 24 hours there has been a clear minus on Ethereum. ETH is currently trading around 4% in the red. This means that you are roughly in step with the most valuable cryptocurrency Bitcoin. After being able to stay above the mark of 3200 US dollars for a long time, a sale to around 3150 US dollars followed in the early hours of the morning on Sunday. In the last hour alone there was a decrease of around 2%.
The outbreak did not succeed in the long term
Most recently, the signs for a positive price development at ETH were extremely good. Because after the long-awaited London Hard Fork, which further developed the Ethereum network and implemented a deflationary structure, another price increase followed. Thanks to an artificial shortage, the rates for Ethereum will rise if demand remains the same. That long-term vision drove the course up. On Friday, Ethereum broke the day-long sideways range between $ 2900 and $ 3200. The outbreak was rehearsed, but ultimately did not succeed. Because in the last few hours it slipped back below the mark of 3200 US dollars. Now it should depend on the further development in the course of the day whether the latest setback is corrected again.
Should you buy Ethereum now?
In the past few days, the momentum on Ethereum has weakened. Nevertheless, the cops are still holding the strings. Fundamentally, things continue to look positive for the Ethereum blockchain anyway. Most recently, the EIP 1559 updated the Ethereum network and is considered one of the most far-reaching developments for Ethereum on the way to version 2.0. In the medium term, the ETH rate will now have to overcome the 3200 US dollar again. Afterwards, the price mark of around 3500 US dollars could be decisive. But currently the signs in the crypto market are not bad that prices will be higher at the end of the year – this also and especially applies to Ethereum.
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