Ethereum Price Erased All its Gains in September
Just a week ago, Ethereum stepped over the USD 200 mark, and has climbed to USD 221.40 – before dropping, seeing its gains in September swept away.
Just recently, there was a rise in multiple altcoins’ prices and even discussions if it might be altcoin season knocking on the Cryptoverse’s door. After their dramatic drop, both bitcoin and altcoins seem to be recovering somewhat, but the damage has been done, and ethereum has certainly felt this abrupt change. Moreover, during the rally this month, ether was among top 10 coins that saw its trading volume increase in September.
ETH price chart:
The second coin by total market capitalization currently (09:09 UTC) stands at USD 166. In the last 24 hours alone, it has dropped 16% and 23% in the past week. However, a gradual drop can be noticed after the coin’s highest point during this rally, which is USD 221.40 on September 19th, before suddenly dropping to its current price.
Though seeing a fall in price of 12.39% in the past 30 days, after dropping from USD 190 to USD 169 at the end of August, the period of time until mid-September that brought the start of the rally was relatively stable, with its expected fluctuations.
Looking at the larger picture, the pattern repeats itself in the quarter period, with the price reaching USD 315 on July 9th, before its sudden drop to USD 200, then a further and gradual drop to prices similar to the one we see now, before this latest rally began.
In the last year, the highest price ETH saw was USD 335.7 on June 26th 2019, while the lowest was USD 84 on December 14th 2018.
The price is still lower by 23% compared to where it was a year ago.
Crypto community is divided on the next ETH move. Supporters are generally optimistic, it seems. Some see it as a period of stagnation before moving up again, others see it as an inevitable drop before the rise, that there’s bound to be a revolution, given all the work ETH is putting in, but some think that the price may drop further. Crypto trader and analyst Nick Cote tweeted that the coins is “at a very critical level here. Large weekly structure throwback level,” adding that there might be a chance for Cryptoverse to see it at USD 131 level again.
#Ethereum at a very critical level here. Large weekly structure throwback level.
If it breaks, I think we can easily see $131 again.
It's not a great spot to be opening a short at though, given it being the throwback level and prior history reacted well for the bulls. pic.twitter.com/s6lJV10opg
— Nick Cote (@mBTCPizpie) September 25, 2019
Meanwhile, Michael Wagner, founder of UX consultancy firm elevateUX, posted his three things to watch out for:
Keeping it simple, three things to watch for:
A) Reclaiming $185 and moving up
B) Shorting $185 if bulls show weakness at this resistance
C) Closing below August swing low and continuing downwards
Which do you think is most likely? pic.twitter.com/siu9ftdecU
— Posty (@PostyXBT) September 25, 2019
A few more reactions in the Cryptoverse:
ETH/USD | $ETHUSD | $ETH $USD
ETH/USD – A short stagnation period is on the way
Long or short it on WCX: https://t.co/iDLCi8DbIK pic.twitter.com/ZlUkHDWZCo
— Crypto Chief (@ElCryptoChief) September 25, 2019
There’s something huge building inside the ethereum ecosystem. The energy is palpable. I’ve never seen ethereum devs across so many projects more enthusiastic, more determined, and more cooperative.
It’s a movement and it’s unstoppable.
— Jason Goldberg 👷🏻♂️ v0.4 (@betashop) September 15, 2019
Hodl bro, 20% retrace is nothing,
Expecting huge $eth rally end of this year!
— ฿IT $HaMaN (@BiT_SHaMaNi) September 25, 2019
For $EOSETH I am thinking #NotFinancialAdvice Advice) it is an Incredible TIME TO BUY on the Three Minute.
If this were to happen one would take $ETH exchange it into $EOS.
The Typical Price of #EOSETH is: 0.01651 $ETH.$EOS #NFA #DYOR#CryptoldeaReply
— Crypto Idea (@Cryptoldea) September 25, 2019