Essentially, Ether isn’t the only crypto that is rallying. The entire crypto market has picked up in the last ten days by nearly 19%.
Ethereum (ETH) price may have risen from the ashes, leading most of the top cryptocurrencies in terms of performance for the second week running. For most of Sunday, the token was seen trading above the $1,600 mark, according to CoinMarketCap data. Although it has since then corrected, as of publication, Ethereum is trading at $1,540.
Ethereum Price Showing a Broader Sign of Market Recovery
The performance is a strong showing on the part of Ether, which started rallying sometime around mid-July. At the time, the price of the coin bottomed out at just above $1,000. However, ever since then, ETH has managed to surge by up to 40% to reach its current price.
But while Ethereum’s performance is commendable, it is also a direct reflection of what other coins have also been experiencing on the broader scene. Essentially, ether isn’t the only crypto that is rallying. The entire crypto market has picked up in the last ten days by nearly 19%. And additionally, the global market capitalization, has now once again, surpassed the $1 trillion mark.
Notably, though, the leading cryptocurrency Bitcoin is appreciating at a much slower pace than Ethereum. Nonetheless, it is also seeing gains.
Ethereum Trading Price: What to Expect
As earlier mentioned, following Sunday’s new high of $1,650, Ethereum price action has shown that it is still in the consolidation phase. Having now retraced after it found significant resistance at $1.65K, expectations are that ETH price will continue falling. And that will go on through the week to the next support, which is the $1,400 mark. Interestingly though, should this next support be broken, then ETH holders can brace up for a very rapid fall. But if the current consolidation support is not broken, chances are that we see further tests of upside this week.
For what it’s worth, Ethereum’s value is still far below its November record high of $4,800. But that in itself is not an isolated case. Virtually all crypto assets saw their prices plunge uncontrollably amid a wider market crash that began in early May.