Why Ethereum is Going Down Today: Key Factors Affecting the Price

The crypto market has seen a slight upward trend in the past 24 hours. The rate of Bitcoin and the top altcoins is growing. The price gains range from one to four percent. However, this increase shouldn’t be overestimated. That is, more and more people are wondering why ethereum is going down today.

This trend follows the pattern of the past few weeks. For some time now, the bitcoin price has been moving up and down in the $9,000 and $10,000 range. So far, however, there has been no real breakout. 

If such a price development repeats itself, the BTC rate in the range of $10,000 will be factored out and the top altcoins will have a leading position. However, if the rate jump at $10,300 is successful this time, the prices could quickly reach new highs in 2020. Most of these jumps date from February before the consequences of a coronavirus crisis. Is this the main reason why ethereum price is going down? Let’s try to find out!

Why Ethereum Price is Going Down: Ethereum & Ethereim Classic Today’s Rate

Why is ethereum going down so much? Does it have the same trend as Bitcoin does? Well, Ethereum is one of the winners on today’s trading day. Crypto investors observe a price increase of almost 4 percent in the last few days. 

This makes the altcoin the strongest trend among the top 10 cryptocurrencies by market capitalization. Still, many people wonder ‘Why is ethereum going down right now?’. A few days ago, ETH/USD was trading at over $238. This is the highest value of the past seven days.

Let’s consider the most important facts about the exchange rate development of ETH/USD in the past trading week:

     

      • The maximum price in the past week was $238.50 on June 22.
      • The trading week’s minimum was reached on June 15 at $224.73.
      • The median price for the past week was $231.61.

    Today, the ETH price is $232.94. Why is ethereum price going down? Well, despite a small decrease, ETH/USD exchange rate is currently above the weekly average. Market capitalization has grown by approximately $966 million in the past 24 hours. The capital value is now under $26.542 billion. Ethereum remains an absolute leader as well as the most valuable altcoin with a big lead over XRP and Bitcoin Cash.

    ‘Why is ethereum classic going down?’ is another popular question. Well, the maximum price in the past week was $6.52. Today’s price is $6,14. That is, ethereum classic shows a real price decrease compared to the ETH rate.

    It’s not a surprise that ETC is really similar to ETH. That is, ETC is always one step behind ETH. Probably this is the main reason why ethereum classic is going down. However, ETC has the opportunity to develop steadily on the basis of projects that demonstrate relevance and safety.

    Why is Ethereum Going Down So Much: Ethereum Price Forecast in 2020

    How the ETH price is going to change? With its current growth path, ETH/USD shows a rather strong trend of the year as a whole. Compared to the $100 in March, investors have since enjoyed an increase of 116 percent. An absolute top value that clearly exceeds the development of Bitcoin & XRP. This fact brings ETH/USD back to the 2020 high of February 14th. At that time, the coin was trading at $284. ETH/USD is currently less than 20 percent away from this trend.

    Today, Ethereum shows rather positive dynamics. The total ETH network fees have recently been several times higher than Bitcoin’s ones. The number of transactions in the network has also increased significantly. Overall, this basically demonstrates a high level of activity in the network and growing interest in the altcoin.

    The news background is also still positive. It was reported that there are now more than 100 million Ethereum addresses. Crypto analysts also believe that Ethereum could rise above $300 in August or September. The great trust in the altcoin is likely due to the upcoming launch of Ethereum 2.0. Recently, progress in technical implementation has been reported several times, so that the start planned this year still seems realistic.

    In any case, investors should keep an eye on the prices in order to be able to recognize price changes at the right time.

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