Ethereum (ETH) Price Briefly Rose Above $200, Bears Still Circling
ETH lined up with the leading coins, breaking briefly the $200 barrier, but retreating as Monday led to the inevitable sell-off.
Ethereum (ETH) managed to break above the $200 level over the weekend, receiving a boost from the Bitcoin (BTC) rally above $7,500. But the achievement was short-lived, as ETH retreated rapidly on Monday, falling to $187.47.
ETH reached a peak this Saturday at $203.47, later getting close to that level with Sunday’s high at $201.88. Volumes on Saturday, when the most active rallies happened, reached above $12 billion’s equivalent in 24 hours, and above $10 billion on Sunday.
The Ethereum project remains a fixture on exchanges, with more than $1 billion’s equivalent of funds flowing in from the BTC markets. Additionally, ETH fuels the price levels for multiple altcoins.
In the past few days, the Ethereum network once again showed signs it is preparing for a move to a proof-of-stake ecosystem, although the final results may be slow to arrive. Currently, a testnet is working for a limited number of staking nodes.
ETH is seen as shakier in comparison to BTC, with prices possibly tanking to lower ranges. Still, optimists see ETH recovering as high as $500, still a far cry from the $1,200 peak prices and the predictions for a $5,000 valuation. ETH has been sliding for about a year, still hovering between $150 and 200, but the bearish attitudes are stronger in comparison to other markets.
One of the reasons is that skeptics see ETH as overvalued, as its network currently supports distributed apps and exchanges, but not at the revolutionary level once promised. ETH is also the most highly valued coin belonging to a distributed network, while other competitors see their native asset at a much lower price. NEO lost its positions, sinking from nearly $200 down to valuations under $10. EOS still hovers around $5, and many other promising networks see extremely low valuations in comparison to ETH.
More than 50% of all ETH trades happen in the pairing with Tether (USDT). The asset is evenly distributed across exchanges, with markets like Bibox and Bitmart generating significant volumes.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.