The past Market crash in the digital asset business that happened last week, continued for Ethereum in a month-long-term down flow.
In only 24 hours, Ether in value lost 8.13% but keeping in mind this was happening to the market as a total, but compared to bitcoin, which did hold its stand a little better with only 5.71% lost.
- As mentioned almost all digital assets lost their way back to recovery right as of now. There were some that evaded the whole fall like FirstBlood – with the 36th largest market capitalization gained 8.55%.
For two weeks, compared to bitcoin which as shown significant dominance for that particular time period on the total market capitalization, Ethereum lost almost 50% of its value dropping from $282.31 to $188.44.
But it should be kept in mind that Ethereum weekly values and prices are not to be much of a concern for long-term investors, as you will be to determine its success by a yearly comparison where it outperformed almost all other top cryptocurrencies as time will tell for the future.
Ethereum’s Share of the market has Dropped
On June 19, when Ethereum had a $371.51 price and a market cap of $34.41 billion, it had narrowed the gap with bitcoin, commanding 30.64% of the total crypto market compared to bitcoin’s 37.83%. As of July 6, Ethereum was no longer gaining its share of the total crypto market. Ethereum held 24.62 percent of total the crypto market while bitcoin held 42.36 percent. Today, Ethereum holds only 22.65% of the total market compared to bitcoin’s 47.14%.
But compared to the long-term losses of the crypto market, for now the the extent of falling has softened and the big picture for the digital market is seen as favorable.
Both bitcoin and Ethereum prices stabilized after Tuesday’s plunge, slowing the widespread market decline and enabling some coins to experience moderate recoveries. The Ethereum price ticked upward on Wednesday, shaking off–at least temporarily–its prolonged decline.
What is exptected?
Ethereum had been leading the market lower last week, as the strong decline in small cap coins weighed heavily on the token. ETH fell back below the key $200 level, but it finally showed short-term relative strength, and held up above the correction lows as well. The coin is still well inside its correction pattern and only a move above $235 would signal a short-term trend change. That said, the almost 60% correction, and the now slightly oversold long-term picture points to a possible long-term bottom.
Ethereum prices followed the trading pattern of nearly all digital currencies making highs in early June above $400 per coin. It is an acceptable expectation that the Ethereum coin has a pullback under $200.
Nicola Duke, a Forex Analytix technical analyst who uses historical price data to determine future price movements, predicted in late May that Ethereum, which was still on an explosive growth path, could experience a 38.4-point fall from its then $227 price.
Looking at a longer term, Ethereum’s price has remained well above the lower teens which it held all year up until beginning the fast climb that began in March.