New Line of Support at $530! Good Long-Term Opportunity

Ethereum is the biggest name when it comes to alternate cryptocurrencies (i.e. altcoins, which are basically currencies other than Bitcoin). Ethereum, which is ranked second in the list of cryptocurrencies by market cap, is second only to Bitcoin, which is the market leader. Ethereum’s success over the years has been massive as the platform, as well as the ETH cryptocurrency, have proven to be long-term players.

As markets become bullish, Ethereum is one of the biggest gainers as the currency steamrolled past the $500 mark over the week, which was a much awaited landmark for the currency’s recovery. Over the past 24 hours, Ethereum’s price has gone up by 5.75% as the currency began the day at a price of $488 and closed the day at $521! Ethereum’s market cap too, benefited from this bull-run as the currency grew from $48.7 Billion to $51.5 Billion. 

The week-long performance is even stronger and more impressive as Ethereum price grew from $401 to $521 over the week, a rise of over 20%. The currency also amassed a market cap of $12 Billion over the week as Ethereum’s market cap soared from $39.5 Billion to $51.5 Billion! The seven day period was a much needed bull-run as the currency seemed to be on a constant downtrend ever since it hit the all-time high of $1400 earlier this year.

Ethereum’s price has been moving in a zig-zag fashion and the currency is expected to find a new baseline at the $530 mark, which would be the new line of support for the currency. Long-term investors must notice that from here, Ethereum eyes at gaining another wave of momentum to cross $700-$750 over the next few months. However, there will be this zig-zag movement which will continue over the months – investors are advised to trade carefully and constantly adjust their stop-losses.

For more Ethereum price related updates and news stay tuned to Cryptocrimson or you can also bookmark our page. We’ll also keep adding updates to this article for real-time analysis. 

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Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice.

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