The second leading cryptocurrency in terms of market capitalization, Ethereum, has been trading in a range of $125.48 to $132.30 in the previous twenty-four hours. The trading volume of Ethereum has also dropped to $9,961,465,045.
The price of Ethereum likely to fall in the coming days
The short-term prediction for ethereum is quite bearish as other major cryptocurrencies continue to lose their value in the time of the global pandemic. The price of Ethreum is still nearly 91% down from its all-time high of $1,423.20, reported in January 2018. Ethreum has been quite volatile recently as it witnessed swings from $140 to $120 in the past seven days.
Bitcoin drops to nearly $6,200.
The last drop in the price of bitcoin shows that the leading cryptocurrency still has not decoupled from the traditional markets. Following Ethereum’s lead, bitcoin also witnessed a nearly 7% fall in its price in the last 24 hours. The short term prediction for major cryptocurrencies is quite bearish as financial markets continue to crash amid the ongoing global pandemic. Despite governments’ announcement of various stimulus packages to revive the economy, the financial markets have failed to respond as the fear of great recession looms around.