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Ethereum Shows Weakness In 7-Day Period

Last Updated March 4, 2021 4:57 PM
Lester Coleman
Last Updated March 4, 2021 4:57 PM

Ethereum ended the last 24-hour period down more than two percentage points while bitcoin posted a 1.18-point gain, according to cryptomarketcap.com. Most cryptos were posting some recovery after a day most were moving into the red. Ethereum had an especially difficult day among the leading cryptos, its price falling 8.05 points earlier in the day while bitcoin was only down by 2.25 points.

Source: Coinmarketcap.com

At the end of Wednesday, Ethereum’s price fell to $262, dropping its market cap to just $24.4 billion. Ethereum trading volume also fell below bitcoin trading volume. Ethereum’s volume was $741.2689 million, while bitcoin’s was $890.295 million.

7-Day Pattern Ominous

Over the last seven days, Ethereum fell by 18.67 points while bitcoin gained 1.21 points. Ethereum the posted worst performance among cryptocurrencies with more than a billion dollars in market capitalization. The only crypto to perform worse than Ethereum in the 7-day period was 17th ranked Bytecoin, a coin with $353.311 in million market capitalization, which lost 19.59 points.

Ethereum lost more ground to bitcoin in market capitalization, $24.77 billion to bitcoin’s $42.741 billion. On June 29, Ethereum had closed the gap, holding $30.821 billion to bitcoin’s $42.558 billion.

As of July 6, Ethereum was no longer gaining its share of the total crypto market. Ethereum held 24.62 percent of the total crypto market while bitcoin held 42.36 percent. On June 27, Ethereum held 25.03 percent while bitcoin held 42.47 percent.

Also read: Saturday slump: Ethereum, bitcoin prices headline crypto market downturn

Ethereum Remains Volatile

Ethereum continues a recent pattern of volatility. On June 29, it was up big time after falling hard in the prior 24-hour period, posting the biggest gain among the larger capitalized cryptos in the 24-hour period, jumping 20.19%. Its 24-hour gain vastly outdid bitcoin’s 4.79-point gain.

Ethereum’s price tumbled from $391.51 June 13 to $262.38 on June 26, then rebounding to $321.83 on June 28.

Looking at a longer term, Ethereum’s price has remained well above the lower teens which it held all year up until beginning its fast climb in March.

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 an explosive growth path, could experience a 38.4-point fall from its then $227 price.

Duke also said breaking through the $377 price point would be key for Ethereum. That point, according to Duke, was the “resistance level,” the point that traders reach but don’t surpass.

Ethereum’s next challenge is to reach $467. Duke uses historical price data to determine future price movements.