Cryptocurrency prices have dipped yet again, despite a big surge earlier this year. Ethereum is no exception to this, it has also suffered a setback with its price dropping by more than 55% from its peak on May 12.
At the time of writing, ETH Price is trading at $1968.97 down by 1.5% in the last 24 hours. This is a huge decrease from last month’s peak price of over $4,000 per token. However, the only silver lining to this is one can now add ETH to their holdings at steal prices.
A V-shaped Recovery is Likely!
Over the last 30 days, there have been many occurrences of V-shaped recoveries. Based on the pattern on the charts and metrics, there are fewer possibilities of more ETH sell-offs across spot exchanges.
Furthermore, the top ten non-exchange whales that have been HODLing ETH for a long time are still HODLing record amounts of ETH. In addition, their numbers have risen as a result of the drop in prices.
Also, Ethereum is set for an update on the network in a couple of weeks. Various testnets will witness the London upgrade soon. The blockchain also has the most awaited Eth 2.0 upgrade up its sleeves, however, there is no confirmative time period of when it could happen.
If we take a look at the Fear and Greed Index, for ETH it indicated Fear in the current market. This is the moment to accumulate, based on this statistic, in expectation of a price rally. Also, as ETH’s social dominance and volume rebound, the price is expected to climb and set a new local high by the end of the week.
At the time of writing, ETH is trading at $1968.43 down by 1.48% in the last 24 hours.